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    3M Raises Lower End of Full-Year Adjusted Profit Guidance as Demand Recovers

    Mars Posted on

    October 22 (Reuters) – US industrial conglomerate 3M Co (MMM.N)open a new tab On Tuesday, the group raised the lower bound of its full-year adjusted earnings forecast, anticipating an increase in consumer spending after the Federal Reserve cut borrowing costs in September.

    Shares of the company rose 4% to $140.3 in premarket trading.

    The Post-it maker also reported a roughly 18% rise in quarterly profit as cost cuts offset the impact of slowing sales in its consumer business.

    It reported adjusted earnings of $1.98 per share for the third quarter, compared with $1.68 per share a year earlier.

    The St. Paul, Minn.-based company now expects full-year adjusted earnings to be between $7.20 and $7.30 per share, up from a previous forecast of $7.20 to $7.30 per share. .00 to $7.30 per share.

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    Reporting by Kannaki Deka in Bangalore; Editing by Pooja Desai

    Our Standards: The Thomson Reuters Trust Principles.open a new tab

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