Among the companies reporting on Tuesday were 3M Co. (NYSE: MMM), US Steel Corp. (NYSE: X), and Sherwin-Williams Co. (NYSE: SHW).
3M's adjusted fourth-quarter profit exceeded Wall Street expectations even though earnings fell from year-ago results, which included a one-time gain. Net income was $851 million, or $1.17 per share, compared to $1.18 billion, or $1.57 per share, in the year-ago period. Excluding a charge of $12 million, or 2 cents per share, profit rose to $1.19 per share. Analysts surveyed by Thomson Financial had expected earnings of $1.17 per share.
Sales rose 7% to $6.21 billion from $5.78 billion last year, and beat analyst estimates of $6.14 billion. For the year, profit rose 11% to $4.1 billion, or $5.60 per share, from $3.95 billion, or $5.06 a share, in 2006. Annual revenue rose 7% as well, to $24.5 billion from $22.9 billion in 2006.
Shares rose .75% on Tuesday to close at $78.02. Shares had fallen to a 52-week low of $72.05 last week.
US Steel reported lower fourth-quarter profits on acquisition costs, job cuts, and outages. Net income fell to $35 million, or 29 cents per share, for the quarter ending in December, from $297 million, or $2.50 per share, in the same period of the previous year. Revenue grew 20% to $4.54 billion from $3.77 billion. Charges cut earnings by $117 million, or 98 cents per share. Analysts polled by Thomson Financial had expected earnings of $2.19 per share on revenue of $4.30 billion.
US Steel's results for the full year also declined, with net income of $879 million, or $7.40 per share, compared to $1.37 billion, or $11.18 per share, in 2006.
Shares fell 6.8% on Tuesday to close at $102.58.
Sherwin-Williams reported that fourth-quarter earnings rose 2%, boosted by global demand and acquisitions, but warned that first-quarter earnings would fall short of Wall Street estimates.
Earnings for the quarter ending in December came to $100.8 million, or 80 cents per share, up from $98.6 million, or 73 cents per share in the same period a year ago. Analysts surveyed by Thomson Financial had forecast earnings of 84 cents per share. Sales rose to $1.8 billion from $1.7 billion.
For all of 2007, Sherwin-Williams earned $615 million, or $4.70 per share, up from 2006 earnings of $576 million, or $4.19 per share. Analysts had expected $4.74 per share. Revenue rose to $8 billion from $7.8 billion.
Shares slipped 3.1% on Tuesday to close at $55.61. Shares had fallen to a 52-week low of $50.61 last week.
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