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3M Company rose 4.6% to $109.26 after the diversified company reported better-than-expected quarterly earnings and the company reiterated its annual sales outlook and revised higher its annual earnings estimate.

Second quarter revenue declined 4.5% to $8.3 billion and the company swung to a net loss of $6.8 billion from a profit of $78 million and diluted earnings per share of ($12.35) from 14 cents a year ago.

The current quarter results included the settlement charge related to the public water system of $14.19 billion.

The settlement still needs approval from a judge and the payment will be made over 13 years.

The company said it will halt production of PFAS chemicals by the end of 2025.

Per- and polyfluorinated substances, known collectively as PFAS or "forever chemicals" were used by firefighters in training sessions around the country at airports, military bases and other facilities.

The training exercises used foams laced with high concentration of PFAS, said one of the lead attorneys, Scott Summy, suing 3M and other companies to Associated Press.

3M raised its full-year 2023 adjusted earnings per share expectations to $8.60 to $9.10 from the previous estimate between $8.50 and $9.00.

The company said adjusted total sales growth in the range of -5% to -1%, reflecting adjusted organic sales growth of -3% to flat, which remains unchanged.

3M forecasted adjusted operating cash flow for the year 2023 between $5.9 billion to $6.3 billion contributing to 90% to 100% adjusted free cash flow conversion, which remains unchanged.

25 Jul, 2023

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