3M (NYSE: MMM) beat earnings expectations for 2023's fourth quarter, but management's outlook for 2024 was well below expectations. In response to the report from the manufacturing giant Tuesday morning, the market -- focused on the future -- sent its shares down. As of 10 a.m. ET, the stock was off by 9.5%.
It has been a difficult few years for 3M investors. The company has been bogged down with operational issues that have caused it to miss earnings expectations, and was also navigating multiple extended lawsuits and massive settlements related to product liability claims. Shares of 3M have underperformed the S&P 500 by more than 60 percentage points over the past three years.
Investors hoping to see signs of a turnaround in the company's most recently completed quarter received mixed messages from the report. 3M reported adjusted fourth-quarter earnings of $2.42 per share, beating the analysts' consensus prediction of $2.31 per share, though revenue fell just short of expectations.
Source Fool.com