3M raises annual forecasts as business recovers from pandemic hit

Reuters2021-07-27

3M Co reported a 16.7% rise in quarterly profit on Tuesday, helped by a rebound in several of its key end markets as economies recover from the impact of the COVID-19 pandemic.

The maker of N95 face masks and Scotch-Brite home care products also raised its full-year sales and profit outlook.

The company said it now expects annual sales to grow in the range of 7% to 10% compared with the prior forecast of 5% to 8% growth.

It also raised its 2021 earnings per share outlook to between $9.70 and $10.10, up from the prior range of $9.20 to $9.70.

Net income attributable to 3M rose to $1.52 billion, or $2.59 per share, in the second quarter ended June 30, from $1.30 billion, or $2.25 per share, a year earlier.

Net sales rose about 25% to $8.9 billion.

3M stock rose 1% in premarket trading.

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

Leave a comment
6