3M Co (NYSE:MMM) shares surged more than 17% as the maker of Scotch, Post-It and Command products posted a second quarter earnings beat and raised its full-year profit guidance.
The company now expects full year adjusted earnings per share (EPS) in the range of $7 to $7.30, up from its earlier forecast of $6.80 to $7.30.
It continues to expect sales growth from negative 0.25% to $1.75%.
For Q2, 3M reported adjusted EPS was up 39% year-over-year to $1.93, above the consensus $1.68.
Revenue slipped 0.5% from the year-ago quarter to $6.3 billion, topping estimates of $5.85 billion.
“We delivered another strong quarter with adjusted earnings growth up double-digits and robust cash generation. I want to thank 3M employees for their exceptional execution, which we expect to continue in the second half of the year,” 3M CEO William Brown said in a statement.
Shares of 3M added 17.2% to about $121 in early trade on Friday.