On Tuesday, 3M Co (NYSE: MMM) announced its financial results for the third quarter of 2017, with both earnings and revenue beating estimates. Shares of the company increased 1.6% in premarket trade on Tuesday.
According to the company, revenue rose to $8.17 billion from $7.71 billion, for the same period last year, beating analysts’ estimates of $7.92 billion. Net income was up from $1.33 billion, or $2.15 per share, for the same period last year, to $1.43 billion, or $2.33 per share for the third quarter. The results beat estimates of $2.21 per share. In addition, the company also announced to return $1.1 billion to shareholders by dividends and share repurchases.
“Coming off a strong first half, our team delivered an even more robust performance in the third quarter – marked by an eight percent increase in earnings per share, and seven percent organic growth that was positive across all business groups and geographic areas,” Inge G. Thulin, the chairman, president and chief executive officer of 3M, said in the statement on Tuesday.
“We also expanded margins to 25 percent, while investing for the future and returning significant cash to our shareholders,” he added.
Based on the third quarter results, the company adjusted its outlook for full-year 2017. GAAP EPS was expected to be in the range of $9.00 to $9.10 per share, which was up 10 to 12% year-over-year, compared with the previous estimates of between $8.80 and $9.05 per share.