3M Lifts Annual Profit Forecast on Cost Controls
Industrial conglomerate 3M raised its full-year adjusted profit forecast after cost-control initiatives and higher prices supported margins. The company reported quarterly revenue of 6.6 billion dollars, driven by strong semiconductor-related demand.
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3M CO raised its full-year adjusted profit forecast to between $9.10 and $9.15 per share on Tuesday morning, driven by disciplined cost controls and higher product prices. The updated outlook beats its prior guidance of $8.80 to $8.95 per share. The industrial conglomerate's shares rose 2.7% in pre-bell trading following the announcement.
