Many of the world’s top manufacturers announced earnings for the latest quarter. IndustryWeek takes a look at some of the key numbers.
Conglomerate 3M (IW 500/41) reports it beat analysts’ estimates by a penny a share. Sales were $7.7 billion, up 2% year over year.
3M saw an increase in sales in all key areas, but like many other companies, was hit hard by falling foreign currency. This quarter’s sales hit a new record for the company, which said it’s sticking by full-year estimates.
Caterpillar (IW 500/23) came up short by 20 cents a share compared to analyst’s estimates.
The heavy equipment maker reported sales of $14.24 billion, down a full percent from last year.
The company chalks up some of the drop to a restructuring plan and its resources industries. While its energy and transportation segment reported record sales and profits.
General Electric (IW 500/4) posted big gains beating estimates by a penny a share. The conglomerate posted income of $5.15 billion for its Q4, up 61% from a year ago.
G.E. Quarterly Profit Rises as Industrial Units Expand http://t.co/ynhq7MPOxv— NYT Business (@nytimesbusiness) January 23, 2015
GE credits the jump to a return to its industrial roots and is sticking with its estimates of another 2 to 5% growth for 2015.
Procter & Gamble
The news wasn’t as positive at Procter & Gamble (IW 500/14), where the company reported earnings of $2.4 billion, down 31% from a year ago.
The multinational consumer goods maker said it was hit hard by falling currencies around the world, led by Russia’s ruble. Its look ahead for 2015 predicts more of the same.
The news also wasn’t good at Phillips (IW 1000/137). The maker of lighting, health care and consumer electronics products reported sales of $24.37 billion, down 2.7% from a year ago.
The Dutch company called 2014 “challenging,” blaming slowing markets in Russia and China and unfavorable exchange rates for the loss. It went on to predict a rebound for 2015.