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DewDiligence

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DewDiligence

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Re: jbog post# 20685

Tuesday, 01/28/2020 3:36:36 PM

Tuesday, January 28, 2020 3:36:36 PM

Post# of 29642
Re: 3M's 2020 guidance /today’s sell-off

3M's 2020 EPS guidance of $9.30-9.75 has to be compared with the 2019 adjusted EPS of $9.10, which excludes environmental-litigation expenses ($1.02/sh) and Venezuela-deconsolidation charges ($0.28/sh, non-cash).

On this basis, the 2020 EPS-guidance range of $9.30-$9.75 represents a 2-7% increase from 2019, which is not that bad.

Today’s 5% sell-off is based, in part, on the disclosure of a new potential environmental liability in Decatur, Alabama.

(The 19-25% increase in 2020 EPS guidance relative to 2019 GAAP EPS of $7.80 is not an apples-to-apples comparison due to the special items mentioned above.)

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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