3M Stock Plummets on Earnings Outlook

3M (MMM) announced its 1Q18 earnings on April 24, 2018. It reported adjusted EPS (earnings per share) of $2.50, an increase of 15.7% on a year-over-year basis. In 1Q17, 3M posted adjusted EPS of $2.16. 3M was able to meet the Wall Street estimate of $2.50 to $2.51. The adjusted earnings per share exclude a net tax expense of $217 million, or $0.36 per share, resulting from the Tax Cuts and Jobs Act. It also excludes a lawsuit settlement with the State of Minnesota for $897 million, which translates into $1.16 per share.