Industrial group 3M Co. lowered its full-year 2019 earnings guidance as it reported a year-over-year decline in third-quarter revenue that also missed analysts' expectations.
The company expects to earn between $8.20 per share and $8.30 per share in 2019, a decrease from its previous guidance range of $8.25 per share to $8.75 per share.
On a non-GAAP basis, 3M expects its EPS to be in the range of $8.99 to $9.09 for the full year, down from a prior forecast range of $9.25 to $9.75.
The full-year earnings guidance was revised to reflect "market trends" and a negative impact of 15 cents per share from 3M's recently completed acquisition of Acelity Inc.
In the third quarter, the company's GAAP EPS increased 5.4% year over year to $2.72 from $2.58, exceeding the S&P Global Market Intelligence consensus estimate of $2.52.
Net income attributable to 3M totaled $1.58 billion in the third quarter, an increase from $1.54 billion in the year-earlier period.
Third-quarter net sales declined on an annual basis to $7.99 billion from $8.15 billion, coming in below the S&P Global Market Intelligence consensus estimate of $8.20 billion.
The company said third-quarter sales dropped 4.4% year over year in the transportation and electronics segment and fell 5.7% in the safety and industrial business. Sales grew 4.7% and 1.7% in the health care and consumer segments, respectively.
Shares of 3M closed down 4.07% at $161.89 each on Oct. 24.