(RTTNews) - While reporting financial results for the third quarter on Thursday, 3M Co. (MMM) slashed its earnings and organic local-currency sales outlook for the full-year 2019, to reflect market trends and Acelity, Inc. acquisition. The company also provided outlook for the fourth quarter.
For fiscal 2019, the company now projects earnings in a range of $8.20 to $8.30 per share and adjusted earnings in a range of $8.99 to $9.09 per share, on organic local-currency sales decline between 1 to 1.5 percent.
Previously, the company expected earnings in the range of $8.25 to $8.75 per share and adjusted earnings in the range of $9.25 to $9.75 per share, on organic local-currency sales to range between a decline of 1 percent and a growth of 2 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $9.29 per share on net sales decline of 1.4 percent to $32.30 billion for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, the company projects earnings in a range of $2.05 to $2.15 per share, including an estimated $0.15 per share negative impact from the recently closed acquisition of Acelity. It also expects organic local-currency sales to decline between 1 to 3 percent.
The Street is looking for earnings of $2.41 per share on net sales growth of 1.5 percent to $8.07 billion for the quarter.
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