$3M (MMM.US)$The latest financial report shows that the company's net sales in the second quarter were $6.26 billion, a year-on-year decrease of 21%, but better than the analyst's average expected $5.88 billion; adjusted earnings per share were $1.93, better than the analyst's average expected $1.68.
Meanwhile, 3m raised its full-year profit guidance, indicating progress after a long period of turmoil. The company currently expects adjusted earnings per share to be between $7.00 and $7.30 in 2024, higher than the previous expectations of $6.80 to $7.30. The company reiterated that it expects full-year adjusted sales to grow between -0.25% and 1.75%; organic sales growth is expected to be between 0% and 2%.
3M CEO Bill Brown said that accelerating 3M's sales growth is the top priority. To achieve this goal, he hopes to accelerate the development of new products and plans to reduce the company's organizational complexity. He said: "We will re-examine the costs associated with this complexity." At the same time, the company is also looking for a new CFO. Earlier this month, the company announced that its CEO Monish Patolawala will step down.
Due to the financial report performance, 3m rose more than 16% during regular trading hours on the US stock market on Friday. As of press time, it has risen 15.87% and is priced at $119.8.
