Dow Jones Industrial Average stocks 3M and Coca-Cola surged Tuesday after both industry giants reported better-than-expected third-quarter earnings and revenue.
The two Dow Jones components angled up higher Tuesday in regular market trade, with 3M stock jumping 5.2% and Coca-Cola stock up 2.9%.
Early Tuesday, 3M reported EPS of $2.68, nearly flat vs. 2022. Revenue declined 7% to $8.02 billion in Q3. Wall Street predicted the Dow Jones giant would see earnings of $2.34 per share with sales of $7.97 billion.
3M also on Tuesday increased its full-year adjusted EPS expectations and adjusted fresh cash flow views. After the third quarter, the broadly diversified maker of industrial, medical and other products now predicts adjusted 2023 earnings of $8.95-$9.15 per share, up from its previous forecast of $8.60-$9.10 per share.
3M sees adjusted operating cash flow in the range of $6.5 billion-$6.9 billion, up from $5.9 billion-$6.3 billion range. Meanwhile, the company also now expects 2023 total sales growth to decline by around 5% compared to its prior expectation of a 1%-5% fall off.
Coca-Cola also topped Wall Street expectations Tuesday and raised its full-year outlook, even as prices for its products increased 9% vs the same time frame last year.
The Dow Jones beverage brand reported third-quarter earning of 74 cents per share with revenue of $11.91 billion. Ahead of the release, analysts forecast EPS of 69 cents and sales of $11.44 billion.
For the full year, Coca-Cola expects organic revenue growth of 10%-11%, up from 8%-9%, with EPS growing 7%-8% compared to $2.48 in 2022.
Dow Jones Stocks: 3M And Coca-Cola
3M stock has been locked into a two-year slide and declined in four-straight sessions through Monday. It is down more than 8% in October and still feeling for a bottom. On Monday, MMM dropped 1.1% to 85.60.
Meanwhile, Dow Jones peer Coca-Cola stock has been climbing off a 31-month low notched early this month. Shares ended Monday down a bit more than 3% for October, following a hefty two-month decline.
3M has a 33 Composite Rating out of 99 while KO has a 71 rating. The Dow Jones stocks have Relative Strength Ratings, an exclusive gauge for share-price movement, of 24 and 38, respectively. 3M has a 48 EPS Rating while Coca-Cola stock has an 80 rating.
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