3M lifts annual profit forecast on cost controls, price hikes
MMM•3M raised its full-year adjusted profit forecast to $9.10-$9.15 per share from $8.80-$8.95. Quarterly adjusted revenue rose 4.2% to $6.6 billion, and adjusted profit was $2.50 per share, up from $2.23 a year earlier.
1. Forecast raised
3M lifted its full-year adjusted profit-per-share forecast after cost controls and higher prices supported margins. The company now expects $9.10 to $9.15 per share, compared with its previous range of $8.80 to $8.95.
2. Quarterly results and demand
Adjusted quarterly revenue was $6.6 billion, up 4.2%, while adjusted profit was $2.50 per share, compared with $2.23 a year earlier. Industrial activity in the United States and sales of chipmaking machines and materials helped offset uneven demand. 3M said growth tied to data centers and semiconductor markets supported its Transportation and Electronics business, while consumer-facing businesses faced cautious spending.
3. Product launches
3M launched 87 products in the third quarter and expects to exceed 350 launches by year-end.
