3M (MMM.US) exceeded Q2 expectations, raising full-year guidance

3M(MMM.US) released its latest earnings report, showing that its net sales in the second quarter were $6.26 billion, down 21% year-over-year, but better than the consensus estimate of $5.88 billion; adjusted EPS was $1.93, better than the consensus estimate of $1.68.

In the meantime, 3M raised its full-year earnings guidance, indicating progress after a long period of turbulence. The company now expects adjusted EPS to be between $7.00 and $7.30 in 2024, above its previous estimate of $6.80 to $7.30. The company reiterated its full-year sales growth guidance of -0.25% to 1.75%; it expects organic sales growth of 0% to 2%.

3M CEO Bill Brown said that accelerating 3M's sales growth was a priority. To achieve that goal, he hopes to speed up some of the company's new product development. He also plans to simplify the company's organizational complexity. He said, "We will be looking at the cost of that complexity." Meanwhile, the company is also looking for a new CFO. Earlier this month, the company announced that its CEO Monish Patolawala would be leaving.

As of writing, 3M is up nearly 6% in pre-market trading on Friday.