3M lifts annual earnings guidance, shares jump
Post-it note maker 3M boosted annual profit guidance on Tuesday on the back of a robust third quarter, sending shares in the US industrial giant higher.
3M Co.
$171.37
13:26 20/10/26
Dow Jones I.A.
52,495.88
11:36 20/10/26
Group sales ticked up 1% to $6.6bn in the three months to September end, with organic growth of 3.3%, while adjusted earnings per share improved to $2.50 from $2.23. Cost control measures and higher prices helped left the adjusted operating margin 110 basis points to 26.2%.
Sales in the consumer division, which also owns Scotch tape and Command hooks, softened 0.2% to $1.3bn. But they ticked up 0.5% in transportation and electronics to $2bn, while 3M’s biggest division, safety and industrial, showed a more robust 7% spike in sales to $3.2bn.
William Brown, chief executive, called it a "strong" quarter, adding: "Improving productivity through structural transformation and a stronger pipeline of differentiated technologies reinforce our confidence in the full-year outlook and long-term growth and margin potential."
Looking to the rest of the year, and the company now expects annual adjusted EPS to come in between $9.10 and $9.15, up from earlier guidance for $8.80 to $8.95.
As at 1515 BST, the Wall Street-listed stock was trading up 5%.