A boat load of earnings this morning.
3M reported third-quarter profits of $1.3 billion. The maker of Post-it notes, industrial coatings and ceramics had sales of $7.7 billion. 3M shares have decreased roughly 9% since the beginning of the year. (AP)
Caterpillar had profits of $368 million in the third quarter, down from $1 billion last year. Sales for the quarter were $11 billion, down from $13.5 billion the previous year. Caterpillar incurred $101 million in restructuring costs. The cost is expected to lower operating costs by $1.5 billion annually. Caterpillar stock is down over 6% this year. (Market Watch)
Dow Chemical, the biggest U.S. chemical maker by sales posted profits of 82 cents per share, better than expected, supported by higher margins in the company’s plastics business and lower raw material costs. Sales were $12 billion, down 16% year over year, hurt by unfavorable currency impacts. Dow sees growth across China, the U.S. and Europe. (Zacks)
McDonald's sales moved up at U.S. locations during the third quarter, snapping a run of about two years of quarterly declines. Sales rose 4% on a global basis and 0.9% in the U.S. For the quarter, McDonald's had profits of $1.3 billion. Sales were $6.6 billion. (AP)