3M Company (NYSE:MMM) stock climbed in Tuesday’s premarket session after the maker of Post-it reported better-than-expected second-quarter results and raised its full-year guidance.
The company posted adjusted earnings of $2.40 per share, beating the analyst consensus estimate of $2.25. Revenue rose 2.4% year over year to $6.50 billion, topping expectations of $6.41 billion.
3M Chairman and CEO William Brown said the company exceeded its own expectations in the second quarter, delivering mid-single-digit sales growth, operating margins of about 25% and double-digit earnings growth. He said the performance reflects progress on the company’s strategic priorities and efforts to build a higher-performing business.
Brown said the strong first-half results and continued business momentum prompted 3M to raise its full-year guidance. He added that management remains confident in its ability to deliver long-term shareholder value.
3M raised its full-year profit forecast on Tuesday, helped by cost-cutting measures, price increases and continued strength in its Safety & Industrial business, Reuters reported. The company’s margin performance has also benefited from new product launches and customer service initiatives under CEO Brown, helping offset weak demand amid a prolonged inflationary environment.
