3M Co MMM-N raised the low end of its full-year adjusted profit forecast on Friday expecting to benefit from restructuring measures and increasing demand for electronics, sending its shares up more than 4% in premarket trading.
The company has benefited from steady price increases across categories, which have helped it offset inflation and slow demand in its consumer and industrial businesses.
Additionally, restructuring measures to streamline the business and reduce costs helped it navigate the slow demand environment.
The St. Paul, Minnesota-based company now expects full-year adjusted profit to be between $7.00 and $7.30 per share, above its previous forecast of $6.80 to $7.30 per share.
It reported an adjusted profit of $1.93 per share for the quarter, compared with $1.39 per share a year earlier.