3M Company (MMM)

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"3M Jumps Most in 36 Years as New CEO Boosts Profit Forecast"

(Bloomberg) -- 3M Co. soared the most in more than 36 years after raising its full-year profit forecast as its new chief executive officer vowed to reinvigorate the iconic manufacturer’s innovation engine.

The shares jumped as much as 16% as of 9:36 a.m. in New York, the most since 1987. The gains came after the maker of Post-it notes and industrial adhesives said adjusted earnings this year would be between $7.00 to $7.30 per share as it reported second-quarter results. That boosted the midpoint of 3M’s forecast to $7.15, up a dime from its previous outlook.

The results are the first under CEO Bill Brown, who succeeded Mike Roman on May 1. Brown inherited a much smaller company following the spinoff of 3M’s huge health-care products division unit amid massive legal liabilities.

Brown kicked off his first earnings call by stressing the need to accelerate 3M’s sales growth. To get there, he wants to increase the pace of new product development."

https://finance.yahoo.com/news/3m-boosts-profit-forecast-ceo-105728844.html