3M beats Q2 estimates, guides higher on full-year EPS
3M delivered better-than-expected second quarter sales and profits and raised its full-year guidance.
For the three months to June, the industrial conglomerate posted a 16.7% jump in net income to reach $1.52bn or $2.59 per share (FacSet: $2.28).
Its quarterly sales also topped analysts' estimates coming in 24.7% ahead of the comparable year ago period at $8.9bn.
"In an uncertain economic environment, our team executed well and drove innovation across our businesses, while continuing to build for the future," 3M chief executive officer Mike Roman said.
"Looking forward, we remain focused on investing in growth opportunities coming out of the pandemic, improving productivity, advancing sustainability and delivering differentiated value for our customers and shareholders."
Quarterly revenues in Europe, Middle East and Africa grew by 28.7%, alongside an increase of 26.1% in the Americas and a rise of 20.2% in Asia Pacific.
All operating segments registered double-digit growth, ranging from Transportation and Electronics's 28.1% to 17.6% in Safety and Industrial.
Free cash flows meanwhile were up 2.0% year-on-year.
On the outlook, 3M said that it was now expecting full-year EPS of $9.70-10.10, against a prior forecast for $9.20-9.70.
As of 1215 BST, stock in 3M was trading up by 1.03% to $203.74.