Shares of 3M Co. MMM rallied 3.1% toward a four-month high in premarket trading Tuesday, after the consumer, industrial and health care products company reported second-quarter profit and sales that beat expectations and raised its full-year outlook. The company swung to a net loss of $6.84 billion, or $12.35 a share, from net income of $78 million, or 14 cents a share, in the year-ago period.
The company swung to a net loss of $6.84 billion, or $12.35 a share, from net income of $78 million, or 14 cents a share, in the year-ago period. Excluding nonrecurring items, such as costs from litigation settlements, adjusted earnings per share fell to $2.17 from $2.45, but beat the FactSet consensus of $1.73. Sales surprising grew 4.2%, to $8.325 billion from $7.993 billion, while the FactSet consensus was for a decline to $7.875 billion.