July 21 (Reuters) – 3M lifted its full-year profit forecast on Tuesday on the back of cost-control measures, price hikes and continuing strength in its safety & industrial business.
The industrial giant’s shares rose about 6% in premarket trade.
The company now expects full-year adjusted profit per share between $8.80 and $8.95, compared with its earlier forecast of $8.50 to $8.70.
3M’s cost cuts, price hikes and the introduction of new products and customer service initiatives under CEO William Brown have helped the company cushion margins from weak demand against a prolonged inflationary backdrop.
“As a result of our strong first-half performance and continued momentum, we are increasing our full-year guidance,” Brown said.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Maju Samuel)