3M Beats Quarterly Profit Forecasts Amid Rising Oil Costs
3M reported first-quarter profit of $2.14 per share, beating analyst estimates. The firm warned that high oil prices will add $125 million to its annual costs.
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3M CO reported first-quarter earnings that exceeded Wall Street estimates on Tuesday, as cost-control measures helped the industrial giant mitigate the effects of inflation and tariffs. Despite the positive results, the company issued a warning regarding a $125 million projected increase in annual costs driven by the rising price of Brent Crude Oil.
