U.S. Movers: 3M Company, Cheesecake Factory, General Motors, Sherwin Williams

Scott Peters
22 Oct, 2024
New York City

3M Company declined 1.4% to $132.94 after the diversified industrial company reported its quarterly results. 

Revenue in the third quarter increased 0.4% to $6.3 billion, net income attributable to shareholders swung to a profit of $1.4 billion from a loss of $2.1 billion, and diluted earnings per share were $2.49 billion compared to a loss of $3.74 a year ago. 

The company revised its adjusted sales growth outlook to an increase of 1% from the previous estimate between a decline of 0.25% and an increase of 1.75%. 

The company also estimated adjusted annual earnings per share to range between $7.20 and $7.30 from the previous estimate between $7.0 and $7.30. 

Cheesecake Factory increased 0.1% to $42.49 after an activist investor, JCP Investment Management, acquired a stake in the restaurant company and urged the company to spin off its three brands into a separate company. 

Sherwin Williams declined 3.5% to $368.38 after the paint company reported weaker-than-expected third quarter results. 

Consolidated net sales increased 0.7% to $6.16 billion, net income increased to $806.2 million from $761.5 million, and diluted earnings per share advanced to $3.18 from $2.95 a year ago. 

The company reaffirmed its full-year diluted earnings per share range between $10.30 and $10.60, including acquisition-related amortization expense of 80 cents per share. 

General Motors increased 9.4% to $53.51 after the vehicle maker reported better-than-expected quarterly results and  lifted its annual outlook. 

Revenue in the third quarter increased 10.5% to $48.7 billion from $44.1 billion, net income edged 0.3% lower to $3.0 billion, and diluted earnings per share increased to $2.68 from $2.20 a year ago. 

The company tightened its annual net income attributable to shareholders outlook to a new range between $10.4 billion and $11.1 billion from the previous estimate between $10.0 billion and $11.4 billion. 

The company revised its annual diluted earnings per share range to between $$9.14 and $9.64 from the previous estimate between $8.93 and $9.93.