Business
3M Stock Jumps on Improved Earnings Guidance
Shares in materials maker 3M rose 7.3% after the company raised its full-year adjusted earnings guidance.
The company’s second-quarter adjusted earnings increased 11% year-over-year thanks in part to strong performance in its industrial and safety businesses. Chief Executive Bill Brown said 3M is reshaping its portfolio to focus on high-growth, high-margin businesses such as data centers and fire and rescue equipment.
3M is continuing to boost the number of new products it offers, which is helping to drive sales. Brown said the company has improved its research-and-development process so it can commercialize ideas faster, and is on track to launch more than 350 new products this year.
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