3M stock tanks after quarterly profit beat forecasts but full-year outlook was well below

Shares of 3M Co.
MMM,
+0.24%
tanked 6.2% in premarket trading Tuesday, after the consumer, industrial and healthcare-products company reported fourth-quarter profit that rose above expectations but provided a 2024 outlook that was well below forecasts. Net earnings per share rose to $1.70 from 98 cents a year ago. Excluding nonrecurring items, such as litigation costs and other special items, adjusted EPS rose to $2.42 from $2.18 to beat the FactSet consensus of $2.31. Total sales fell 0.8% to $8.01 billion, above the FactSet consensus of $7.69 billion. Looking ahead, the company said it expects 2024 adjusted EPS of $9.35 to $9.75, below the FactSet consensus of $9.90. The stock has soared 26.2% over the past three months through Monday, while the Dow Jones Industrial Average
DJIA,
+0.36%,
of which the stock is a component, has advanced 15.4%.