MAPLEWOOD (dpa-AFX) - 3M Co. (MMM), while reporting weak first-quarter profit and revenues on Tuesday, said it now expects its fiscal 2022 earnings per share to be in the range of $9.89 to $10.39, compared to a prior expectation of $10.15 to $10.65.
The update in earnings outlook reflects previously referenced first-quarter charge of $0.26 per share for Zwijndrecht-related PFAS environmental commitments.
Excluding Zwijndrecht investment, full-year 2022 financial outlook remains unchanged. Full-year 2022 adjusted earnings is still expected to be in the range of $10.75 to $11.25 per share.
On average, 22 analysts polled by Thomson Reuters expect earnings of $10.31 per share for the year. Analysts' estimates typically exclude special items.
The company's full-year organic sales growth and free cash flow conversion ranges remain unchanged.
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