3M Beats Third-Quarter Adjusted EPS Estimates, Raises FY26 Guidance
3M reported adjusted EPS of $2.50, up 12% year over year and above the $2.39 estimate. Adjusted sales rose 4.2% to $6.6 billion, slightly below consensus, while the company raised its FY26 adjusted EPS guidance above estimates.
U.S. stocks were higher midway through Tuesday’s session, with the Nasdaq Composite up more than 100 points. The Dow gained 1.21% to 52593.36, the Nasdaq rose 0.38% to 26532.19 and the S&P 500 advanced 0.54% to 7731.90. Health care shares rose 2.1% on Tuesday, while energy stocks fell 1.1%.
3M Co (NYSE: MMM) reported third-quarter adjusted earnings per share of $2.50, up 12% year over year and above analysts’ estimate of $2.39. Adjusted sales rose 4.2% to $6.6 billion, slightly below the consensus estimate of $6.61 billion. The company also raised its FY26 adjusted EPS guidance above estimates. Myriad Genetics Inc (NASDAQ: MYGN) shares jumped 33% to $5.60 after the company announced it would sell its Prenatal Health testing business to Labcorp.
Braze Inc (NASDAQ: BRZE) rose 51% to $45.29 following the announcement that it would be acquired by Salesforce. Hertz Global Holdings Inc (NASDAQ: HTZ) gained 12% to $2.07 after announcing that Oro Mobility secured an $80 million Mueller Industries Inc. (NYSE: MLI) shares fell 8% to $56.24 after the company reported mixed third-quarter financial results. Home Bancorp Inc.
(NASDAQ: HBCP) dropped 5% to $62.25 following downbeat quarterly results. General Motors Co. (NYSE: GM) declined 5% to $78.32 after reporting third-quarter financial results and narrowing its FY26 EPS guidance. Oil rose 0.6% to $104.25, while gold slipped 0.1% to $4,157.50.
Silver gained 1.3% to $58.02 on Tuesday, and copper advanced 0.5% to $6.6100. European shares were mostly lower. The eurozone’s STOXX 600 fell 0.2%, Spain’s IBEX 35 Index rose 0.3%, London’s FTSE 100 fell 0.5%, Germany’s DAX declined 0.3%, and France’s CAC 40 lost 0.5%. Asian markets ended mixed on Tuesday.
Japan’s Nikkei 225 fell 1.30%, Hong Kong’s Hang Seng index declined 1.32%, and China’s SSE Composite Index gained 0.12%. U.S. housing starts fell 5.2% month over month to an annual rate of 1.221 million in September. Building September permits decreased 0.2% month over month to 1.400 million units, exceeding market estimates of 1.390 million.
U.S. pending home sales fell 7.3% from the previous month in September, compared with market estimates for a 0.5% decline.