3M Co (NYSE:MMM) shares moved higher as the multinational conglomerate operating across industry, worker safety and consumer goods posted a better-than-expected quarterly profit.
The company’s adjusted earnings per share (EPS) were $2.39, up 21% year-over-year and ahead of estimates of $2.08.
Adjusted net sales of $7.72 billion beat estimates of $7.64 billion.
"We delivered results that were better than our expectations as we returned to organic growth and achieved double-digit adjusted earnings growth,” CEO Mike Roman commented.
“We improved performance in our businesses through strong operational execution, completed the spin-off of Solventum, and finalized two major legal settlements.”
The company also provided full-year guidance that reflects its expectations following the spin-off of its healthcare business Solventum.
It projected adjusted organic sales growth of flat to 2% and adjusted EPS of $6.80 to $7.30.
3M shares gained 5.6% at about $97 late afternoon on Tuesday.