Shares of 3M (MMM) lost ground Tuesday as twoꦚ of✃ the diversified products maker’s units posted sales declines.

The maker of Post-it notes and Scotch Tape reported third-quarter earnings from continuing operations of $1.98 per share, with revenue rising 0.4% to $6.29 billion. Both exceeded estimates.

Transportation and Electronics Unit Sales Slip

Sales at its Transportation and Electronics unit fell 1.5% to $2.14 billion as global demand for automobiles slid, especially in the European market. Consumer segment sales dropped 1.2% to $1.3 billion, which the company blamed on softness in 澳洲幸运5官方开奖结果体彩网:consumer discretionary spending. Sales at the Safety and Industrial division increased 0.5% to $2.77 billion, due to the higher demand for industrial adhesives and tapes.

The company now says it sees full-year 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $7.20 to $7.30 versus the earlier $7 to $7.30. It expects revenue growth of about 1%, whereas 3M previously anticipated a range of down 0.25% to up 1.75%.

Despite Tuesday’s drop of about 1% to $132.76, 3M shares are about 46% higher 澳洲幸运5官方开奖结果体彩网:year to date (YTD) in 2024.