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3M Q3 profit falls YOY

3M Co. said its third-quarter normalized net income amounted to $1.82 per share, compared with the S&P Capital IQ consensus estimate of $2.01 per share.

EPS rose year over year from $1.77.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.15 billion, a decrease from $1.17 billion in the prior-year period.

The normalized profit margin climbed to 14.9% from 14.3% in the year-earlier period.

Total revenue declined 5.2% on an annual basis to $7.71 billion from $8.14 billion, and total operating expenses declined 6.4% from the prior-year period to $5.84 billion from $6.24 billion.

Reported net income came to $1.29 billion, or $2.05 per share, compared with $1.30 billion, or $1.98 per share, in the year-earlier period.