RTTNews | Apr 27, 2021 02:45PM EDT

14:45 Tuesday, April 27, 2021 (RTTNews.com) - Minnesota-based conglomerate 3M Company (MMM) saw its shares drop nearly 3% during the market hours on Tuesday despite its first-quarter results beating the Street view.

The net income of the company was $1.6 billion or $2.77 per share compared to $1.3 billion or $2.25 per share in the previous year. On average, 17 analysts polled by Thomson Reuters projected $2.29 earnings per share for the quarter.

The revenue of the company increased 9% in the latest quarter to $8.8 billion from $8.0 billion last year in the same quarter. This was due to uniform growth across all the segments in the company.

The company continues to expect earnings of $9.20 to $9.70 per share for the full year. The analysts projected earnings of $9.60 per share for the full year.

The company is currently trading at $194.58 after dropping 2.5% or $5.02 per share. The stock had closed at $199.63 on the previous day and opened at $191.51 on Tuesday. The shares have varied from $188.63 to $195.82 against an average volume of 3.64 million for the 52-week period.

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