3M Company MMM is scheduled to release third-quarter 2021 results on Oct 26, before market open.The company delivered better-than-expected results in the last four quarters, with an earnings surprise of 13.49%, on average. In the last reported quarter, its earnings of $2.59 per share surpassed the Zacks Consensus Estimate of $2.25.In the past three months, 3M’s shares have lost 9.2% against the industry’s growth of 0.4%. Image Source: Zacks Investment Research Let us delve deeper.Key Factors and Estimates for Q3In the past couple of quarters, 3M has benefitted from recovering global economic conditions and improving manufacturing operations in the United States. The trend is anticipated to have continued in the third quarter and proved beneficial for the company. The fading impacts of the pandemic are expected to have elevated volumes of elective procedures in the healthcare market.An impressive demand in the home improvement market and a healthy consumer business, backed by a trend toward returning to workplaces and schools, are likely to have aided the company’s performance in the third quarter. Focus on innovation, the strengthening e-commerce business, investment in growth opportunities like personal safety, and synergistic gains from acquired assets are other likely tailwinds.On the flip side, the restricted supply of semiconductor chips and other supply-chain woes are likely to have hurt 3M’s production volumes in the automotive OEM and electronics markets. Also, a reduction in the pandemic-driven demand for respirators is likely to have acted as headwinds in the healthcare market, with revenue impacts of $50-$100 million in the third quarter.Inflation in logistics and raw material costs are expected to have been spoilsports to margins and earnings in the quarter. The impacts on operating margins are predicted to have been 100-150 basis points. Further, restructuring expenses of about $50-$75 million in the quarter and a year-over-year increase in legal expenses are likely to have hurt third-quarter performance.The Zacks Consensus Estimate for 3M’s third-quarter revenues is pegged at $8,667 million, indicating a year-over-year increase of 3.8% and a sequential decline of 3.2%. The consensus estimate for the company’s earnings is pegged at $2.18, suggesting a year-over-year dip of 10.3% and a sequential decline of 15.8%.On a segmental basis, the Zacks Consensus Estimate for Safety and Industrial’s sales, pegged at $3,043 million, suggests a year-over-year increase of 0.6% and a sequential fall of 6.5%. The consensus estimate of $2,211 million for Healthcare indicates growth of 2.4% and a decline of 2.9% from the respective year-ago and sequentially reported numbers. For Consumer, the consensus estimate of $1,509 million suggests a rise of 6.5% from the year-ago reported number and 1.8% from the sequential figure. The consensus estimate for Transportation and Electronics, pegged at $2,429 million, suggests year-over-year growth of 5% and a sequential decline of 2.1%.Earnings WhispersOur proven model does not conclusively predict an earnings beat for 3M this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Earnings ESP: 3M has an Earnings ESP of +2.37%, with the Most Accurate Estimate of $2.23 above the Zacks Consensus Estimate of $2.18.3M Company Price, Consensus and EPS Surprise 3M Company price-consensus-eps-surprise-chart | 3M Company QuoteZacks Rank: The company currently carries a Zacks Rank #4 (Sell).Stocks to ConsiderHere are some companies that you may want to consider as according to our model, these have the right combination of elements to post an earnings beat this season:Deere & Company DE has an Earnings ESP of +5.55% and it currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here. Columbus McKinnon Corporation CMCO presently has an Earnings ESP of +5.26% and a Zacks Rank #2. Plug Power, Inc. PLUG presently has an Earnings ESP of +2.33% and a Zacks Rank of 3. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report 3M Company (MMM): Free Stock Analysis Report Deere & Company (DE): Free Stock Analysis Report Plug Power, Inc. (PLUG): Free Stock Analysis Report Columbus McKinnon Corporation (CMCO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research