3M Raises Full-Year Profit Target After Deep Spending Cuts
- Third-quarter sales slightly outpace analysts’ expectations
- Company is reducing complexity to bolster profitability
3M reported a third-quarter adjusted profit of $2.68 per share.
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3M Co. boosted its full-year adjusted profit and cash flow targets as it reported third-quarter results that easily topped Wall Street estimates, lifted by sweeping cost cuts and efforts to combat an ongoing sales slump.
Adjusted earnings in 2023 will be $8.95 to $9.15 per share, 3M said in a statement Tuesday. That compares with its earlier forecast of $8.60 to $9.10, and an average of $8.88 based on analyst estimates compiled by Bloomberg.