3M Raises Lower End of Full-Year Adjusted Profit Forecast on Demand Recovery

Reuters10-22

U.S. industrial conglomerate 3M Co raised the lower end of its full-year adjusted profit forecast on Tuesday, anticipating a boost in consumer spending after the Federal Reserve cut borrowing costs in September.

Shares of the company were up 4.32% at $140.67 in premarket trading.

The Post-it maker also reported an about 18% rise in quarterly profit as cost cuts offset the impact from slow sales in its consumer business.

It reported an adjusted profit of $1.98 per share for the third quarter, compared with $1.68 per share a year earlier.

The St. Paul, Minnesota-based company now expects its full-year adjusted profit to be between $7.20 and $7.30 per share, compared with its previous forecast of $7.00 to $7.30 per share.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment