3M Raises Full-Year Profit Forecast Amid Strong Q2 Earnings, Stock Surges to 20-Month High

Jul 26, 2024, 10:46 AM

3M Co. has raised its full-year profit forecast, driven by demand recovery and cost-cutting measures. The company reported Q2 2024 earnings with adjusted EPS of $1.93, surpassing the estimated $1.69, and revenue of $6.26 billion, exceeding the expected $5.84 billion. Additionally, 3M's stock surged to a 20-month high following the earnings beat and improved outlook, with pre-market trading showing a +6.10% increase. The company also adjusted its full-year EPS guidance to a range of $7.00 to $7.30 from the previous $6.80 to $7.30. The new CEO's efforts to reinvigorate the manufacturer appear to be yielding positive results. GAAP EPS from continuing operations was $2.17, and the company still sees FY adjusted organic sales growth between 0% to +2%.