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3M lifts annual profit forecast as industrial unit remains resilient
3M said price increases and cost controls helped offset inflation, and its quarterly adjusted profit of $2.40 per share beat estimates.
- On Tuesday, 3M lifted its full-year profit forecast, citing cost-control measures and strength in its safety and industrial business segments.
- CEO William Brown implemented price hikes to cushion margins against weak consumer demand, expecting higher pricing to "fully offset" an oil-led inflation hit of $150 million to $175 million.
- Second-Quarter revenue rose 2.4% to $6.50 billion, with adjusted profit reaching $2.40 per share, surpassing analysts' $2.25 estimate.
- 3M shares rose 6% in premarket trading and were poised for a four-year high, while the company launched 92 new products and returned $1.4 billion to shareholders.
- Management faces risks including PFAS litigation and manufacturing exit costs, with operational execution challenges remaining from ERP, AI, and restructuring initiatives.
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3M just posted its fifth consecutive earnings beat and raised full-year guidance, but lingering litigation risks and a divided analyst camp raise a real question about whether the rally has legs or is running on borrowed time.
·Lakewood, United States
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3M boosts annual profit forecast driven by resilient industrial unit
·London, United Kingdom
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3M raised its goals for the whole year, after reporting a strong momentum in the first semester and high in the profits and sales of the second quarter. Exclusive material for subscribers. To have full access, access the link of the material and make your registration.
·Rio de Janeiro, Brazil
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Coverage Details
Total News Sources12
Leaning Left1Leaning Right2Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
14%
C 57%
R 29%
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