3M reported second-quarter results on Tuesday that exceeded analyst expectations, and the company raised its full-year profit guidance as its safety and industrial business posted strong growth.
Paul, Minnesota-based manufacturer now expects full-year adjusted earnings per share of $8.80 to $8.95, up from its previous range of $8.50 to $8.70. The company also raised its adjusted organic sales growth outlook to more than 3.5%, up from a prior target of roughly 3%, the company said. Analysts had expected full-year earnings of $8.74 per share, according to The Wall Street Journal. 3M stock rose roughly 6% in premarket trading following the announcement.
For the second quarter, adjusted earnings came in at $2.40 per share, up 11% year-on-year. Analysts had expected $2.25 per share, according to BNN Bloomberg. Revenue climbed 2.4% to $6.5 billion, topping the $6.4 billion consensus estimate.