3M Co. (MMM) - Get 3M Company Report posted stronger-than-expected second quarter earnings Tuesday, while lifting its full year profit forecast, as healthcare and industrial sales drove gains for its top and bottom lines.
3M said adjusted profits for the three months ending in June were pegged at $2.59 per share, up 45.5% from the same period last year and well ahead of the Street consensus forecast of $2.28 per share. Group revenues, 3M said, rose 24% to $8.9 billion, again topping analysts' forecasts of an $8.565 billion tally.
Sales in safety and industrials, which offers some products -- such as N25 masks used by companies to protect employees from the coronavirus -- rose 22.5% to $3.25 billion, 3M said. Healthcare sales rose 25% to $2.28 billion.
Looking into the 2021 financial year, 3M said it sees earnings in the region of $9.70 to $10.10 per share, a 40 cents per share improvement over the higher end of its prior forecast, and sales growth of between 7% and 10%, a 2% bump from its previous estimate.
"3M delivered strong performance in the second quarter, once again posting organic growth across all business groups and geographic areas, along with increased earnings and robust cash flow," said CEO Mike Roman.
"In an uncertain economic environment, our team executed well and drove innovation across our businesses, while continuing to build for the future," he added. "Looking forward, we remain focused on investing in growth opportunities coming out of the pandemic, improving productivity, advancing sustainability and delivering differentiated value for our customers and shareholders."
3M shares were marked 0.75% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $203.20 each.