3M Raises Full-Year Profit Forecast Amid Cost Controls and Price Increases
Industrial conglomerate 3M has raised its full-year adjusted profit per share forecast to $9.10–$9.15 from a previous range of $8.80–$8.95, citing cost controls and higher pricing that have supported margins. The company reported Q3 revenue of $6.6 billion, up 4.2%, with adjusted profit per share at $2.50 compared to $2.23 in the same period last year. The resilience of its safety and industrial business has been a key driver amid robust U.S. industrial activity and increased demand for chipmaking machines and materials. However, consumer-facing businesses continue to face challenges due to cautious spending by customers. Growth in data centers and semiconductor markets is helping offset weaker performance in automotive and electronics sectors. 3M also emphasized its product innovation strategy, launching 87 new products in Q3 with over 350 expected before year-end.
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Topics: 3M Industrial Demand Profit Forecast Q3 Earnings
Part of the story 3M Raises Full-Year Profit Forecast Amid Cost Controls and Price Increases (2 articles)