UPDATE 1-3M lifts annual profit forecast as industrial unit remains resilient

3M Company

3M Company

MMM

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Adds share move in paragraph 2, background in paragraph 4, CEO comment in paragraph 5

July 21 (Reuters) - 3M MMM.N lifted its full-year profit forecast on Tuesday on the back of cost-control measures, price hikes and continuing strength in its safety & industrial business.

The industrial giant's shares rose about 6% in premarket trade.

The company now expects full-year adjusted profit per share between $8.80 and $8.95, compared with its earlier forecast of $8.50 to $8.70.

3M's cost cuts, price hikes and the introduction of new products and customer service initiatives under CEO William Brown have helped the company cushion margins from weak demand against a prolonged inflationary backdrop.

"As a result of our strong first-half performance and continued momentum, we are increasing our full-year guidance," Brown said.


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