© Reuters. 3M (MMM) rises after beat-and-raise quarter
3M Company (NYSE:) shares rose 4% in early Tuesday trade after the company reported better-than-expected Q3 results and raised its full-year profit forecast.
For Q3, 3M reported EPS of $2.68 on revenue of $8.02 billion, ahead of the expected profit per share of $2.35 on sales of $8 billion.
The company raised its full-year EPS forecast to $9.05 (up or down 10 cents), up from the prior $8.85.
On the sales front, the adjusted full-year total sales growth forecast has been revised to decline by approximately 5%, as opposed to the prior estimate of a decline ranging from 5-1%.
This adjustment reflects a decline in adjusted organic sales of approximately 3%, compared to the previous range of 3% to flat.
“We are building momentum through strong operational execution. In the third quarter 3M again delivered for our customers in an uncertain environment, positioning us for a solid close to 2023. Our actions led to underlying earnings ahead of our expectations, as well as better than expected margins and cash flow,” said 3M chairman and CEO Mike Roman.