3M (MMM) pops on raised profit forecast after strong Q2 beat

3M (NYSE: MMM) shares rose nearly 3% after the company reported a robust Q2 profit per share beat.

The company said its revenue fell 4.7% year-over-year to $7.99 billion, ahead of the consensus for $7.9B. Earnings per share came in at $2.17, crushing the expected $1.73.

"In the second quarter, the actions we took to strengthen our supply chain and restructure the company led to improved service for customers, reduced costs across 3M, and better than expected margins and cash flow," said Mike Roman, 3M chairman and chief executive officer.

"As we execute our strategy, we are positioning 3M for long-term performance, including progressing the planned spin of our Health Care business and addressing a significant portion of PFAS litigation."

Following strong Q2 results, 3M raised its full-year profit forecast to a range of $8.60-9.10 per share, up from the prior $8.5-9.0.

3M reaffirmed its prior forecast for sales decline between 5% and 1%.

By Senad Karaahmetovic

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