3M, a leading industrial conglomerate, has raised its annual adjusted profit forecast, citing successful restructuring measures and a surge in demand for electronics. The company’s stock surged over 7% in pre-market trading following the announcement. 3M’s restructuring efforts included a 10% workforce reduction, a shift to an export-led business model, several facility closures, and the spin-off of Solventum. These moves have helped the company navigate a period of slow demand and have positioned it for growth. 3M has shifted its focus to high-growth areas like automotive electrification and climate technology, while exiting less profitable consumer product lines. The company expects to benefit from lower costs and steady price increases, which are helping to offset slower demand in some sectors. 3M’s adjusted profit for the second quarter came in at $1.93 per share, beating analyst estimates of $1.68. Adjusted revenue for the quarter reached $6 billion, exceeding estimates of $5.88 billion.
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