North American industrial giant 3M reported better-than-expected quarterly profit on Tuesday, supported by price increases and cost cuts that offset the impact of slow sales.
The company has benefited from steady price increases across all categories, which have helped it offset inflation and weaker demand in its electronics products division.
“We improved performance across our business through strong operational execution, completed the spin-off of Solventum and finalized two important legal settlements,” said 3M Chief Executive Mike Roman, who is stepping down from his role.
The company last year reduced its global workforce by 10% and transitioned to an export-oriented business model, closing several facilities and spinning off Solventum, which helped it navigate the reduced demand environment, particularly in markets like China.
3M reported adjusted earnings equivalent to $2.39 per share on adjusted net income of $7.72 billion in the first quarter. Analysts, on average, expected earnings of $2.10 per share and revenue of $7.63 billion, according to data from Lseg.
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