3M stock posts gains on NYSE: 3M becomes more upbeat about the fiscal year

The company is now targeting a range of 8.60 to 9.10 US dollars (7.80 to 8.25 euros) for adjusted earnings per share, as it announced on Tuesday. Previously, he had expected $8.50 to $9.00. On the New York Stock Exchange, 3M shares at the top of the Dow Jones temporarily rose by 5.65 percent to $110.16.

In the past second quarter, sales shrank by 4.3 percent to $8.3 billion. The adjusted operating margin was 19.3 percent, down 2.3 percentage points year-on-year. However, without the restructuring costs incurred this year, 3M would have been more profitable.

The bottom line is that the company posted a loss of $12.35 per share after making a profit of 14 cents in the same quarter last year. The reason for this was a settlement payment in the USA, which burdened earnings per share with 14.19 dollars. With her, 3M settled a legal dispute over contaminated drinking water.

Specifically, it is about per- and polyfluorinated alkyl substances (PFAS) produced by 3M, which are water, grease and dirt-repellent, among other things, and are also referred to as chemicals for eternity. They are used in various products such as cosmetics, textiles and cookware. The legal disputes in the USA that have now been settled by the amount of compensation revolve exclusively around the use of the substances in fire-fighting foam for extinguishing work on military premises and airfields. According to the agreement, 3M has to pay a fine of up to $12.5 billion, but at least $10.5 billion.

CEO Mike Roman sees 3M after the comprehensive downsizing on course. Costs have fallen throughout the group. In addition, the margin was better than expected./jcf/lew/he

ST. PAUL (dpa-AFX)

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