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3M profit misses consensus by 15.3% in Q1

3M Co. said its normalized net income for the first quarter was $1.64 per share, compared with the S&P Capital IQ consensus estimate of $1.93 per share.

EPS rose 6.4% year over year from $1.54.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.06 billion, a gain from $1.04 billion in the prior-year period.

The normalized profit margin increased to 14.0% from 13.2% in the year-earlier period.

Total revenue decreased on an annual basis to $7.58 billion from $7.83 billion, and total operating expenses decreased from the prior-year period to $5.85 billion from $6.12 billion.

Reported net income totaled $1.20 billion, or $1.85 per share, compared with $1.21 billion, or $1.79 per share, in the prior-year period.