3M Raises Annual Profit Forecast on Cost Controls
3M increased its full-year adjusted profit per share forecast to between $9.10 and $9.15 following strong growth in data center and semiconductor markets.
3M raised its full-year adjusted profit per share forecast to a range of $9.10 to $9.15, an increase from its previous estimate of $8.80 to $8.95. The industrial conglomerate attributed the improved outlook to price hikes, cost-control initiatives, and resilience within its industrial and safety sectors.
Quarterly results showed adjusted revenue of $6.6 billion, representing a 4.2% increase, with an adjusted profit of $2.50 per share. While the company experienced subdued demand from consumer electronics and automotive customers due to a challenging spending environment, it saw growth in semiconductor-related markets and data centers.
Under the leadership of CEO William Brown, the company has prioritized operational execution and product innovation. 3M launched 87 new products during the third quarter and aims to release more than 350 products by the end of the year.
