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3M shares jump after beat-and-raise quarter, China sales lead
3M raised full-year guidance for revenue, EPS, and free cash flow, with EPS estimated at $8.8 to $8.95 and free cash flow at $4.7 billion to $4.9 billion.
3M delivered a beat-and-raise quarter ahead of the market open on July 21, and shares initially jumped about 9% as investors reacted positively to the results.
According to MarketBeat Ratings, the company raised full-year guidance for revenue, adjusted earnings per share, and free cash flow. The EPS outlook of $8.80 to $8.95 and free cash flow of $4.7 billion to $4.9 billion implies roughly 10% and 20% growth, respectively, versus prior average growth rates.
MarketBeat Ratings also pointed to adjusted organic sales growth of 5.4% year over year, led by Safety and Industrial segments that posted about 8% adjusted organic growth for the quarter. Strength in industrial adhesives and tapes, along with personal safety products, supported the segment performance.
Geographically, China stood out, with adjusted organic sales growing by double digits for the quarter. The report added that adjusted operating margin expanded 40 basis points to 24.9% and referenced efficiency gains, plus partnership activity tied to newer growth areas.