© Reuters. FILE PHOTO” The company logo and trading information for 3M is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 29, 2022. REUTERS/Brendan McDermid/File Photo
(Reuters) -3M Co on Tuesday raised its full-year adjusted profit forecast as it looks to benefit from cost-cutting measures and price hikes.
The company’s shares were up about 4% at $89 in premarket trade.
3M, like other U.S. industrial companies, was able to offset high raw material and labor costs by hiking prices.
The maker of ‘Scotch’ tape and ‘Post-it’ notes also benefited from its cost cut measures that it carried out through the year.
The St. Paul, Minnesota-based company now expects adjusted earnings per share to be in the range of $8.95 to $9.15 per share, versus prior forecast of $8.60 to $9.10 per share.