Yahoo Finance Unpacking Q1 Earnings: 3M (NYSE:MMM) In The Context Of Other General Industrial Machinery Stocks
Looking back on general industrial machinery stocks' Q1 earnings, we examine this quarter's best and worst performers, including 3M (NYSE:MMM) and its peers.
Automation that increases efficiency and connected equipment that collects analyzable data have been trending, creating new demand for general industrial machinery companies. Those who innovate and create digitized solutions can spur sales and speed up replacement cycles, but all general industrial machinery companies are still at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies’ offerings.
The 13 general industrial machinery stocks we track reported a mixed Q1; on average, revenues missed analyst consensus estimates by 2.5%. Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, and while some of the general industrial machinery stocks have fared somewhat better than others, they collectively declined, with share prices falling 0.8% on average since the previous earnings results.
3M (NYSE:MMM)
With its original mining venture failing due to anorthosite having no commercial value, 3M (NYSE:MMM) is a provider of products used in the industrial, safety and graphics, healthcare, electronics and energy, and consumer sectors.
3M reported revenues of $5.72 billion, down 28.8% year on year, falling short of analysts' expectations by 25.4%. It was a weaker quarter for the company, with a miss of analysts' revenue estimates.
3M delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. The stock is up 10.3% since the results and currently trades at $101.63.
Read our full report on 3M here, it's free.
Best Q1: General Electric (NYSE:GE)
Tracing its roots back to the work of Thomas Edison, General Electric (NYSE:GE) is a provider of components and solutions for the aerospace, renewable energy, and power sectors.
General Electric reported revenues of $16.05 billion, up 17.2% year on year, outperforming analysts' expectations by 2.2%. It was an exceptional quarter for the company, with a solid beat of analysts' earnings estimates.
General Electric achieved the fastest revenue growth among its peers. The stock is up 7.6% since the results and currently trades at $161.4.
Is now the time to buy General Electric? Access our full analysis of the earnings results here, it's free.
Icahn Enterprises (NASDAQ:IEP)
Founded and mainly owned by renowned investor Carl Icahn, Icahn (NYSE:IEP) is a holding company that has investments in the energy, automotive, food packaging, and metal industries.
Icahn Enterprises reported revenues of $2.47 billion, down 7.7% year on year, falling short of analysts' expectations by 11.6%. It was a weak quarter for the company, with a miss of analysts' earnings estimates.
The stock is down 4% since the results and currently trades at $16.49.
Read our full analysis of Icahn Enterprises's results here.
Crane Company (NYSE:CR)
Playing a significant role in the construction of the Hoover Dam and Golden Gate Bridge, Crane Company (NYSE:CR) manufactures engineered components and specialized equipment for numerous industries.
Crane Company reported revenues of $565.3 million, up 10% year on year, surpassing analysts' expectations by 3.5%. It was a very strong quarter for the company, with an impressive beat of analysts' organic revenue estimates and a decent beat of analysts' earnings estimates.
Crane Company achieved the biggest analyst estimates beat among its peers. The stock is up 9.5% since the results and currently trades at $143.14.
Read our full, actionable report on Crane Company here, it's free.
John Bean (NYSE:JBT)
Tracing back to its invention of the mechanical milk bottle filler in 1884, John Bean (NYSE:JBT) designs, manufactures, and sells equipment used for food processing and aviation.
John Bean reported revenues of $392.3 million, flat year on year, falling short of analysts' expectations by 0.8%. It was a weak quarter for the company, with a miss of analysts' organic revenue estimates.
The stock is up 2.1% since the results and currently trades at $90.68.
Read our full, actionable report on John Bean here, it's free.
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