3M's shares soared to a near two-year high on Friday following the industrial conglomerate's quarterly results that underscored its focus on investing in high-growth businesses and reigniting the company's storied history of product innovation.
3M's shares, which rose as much as 20%, were on track for their best day ever after the company also raised its full-year profit forecast, benefiting from a spate of cost cuts.
CEO Bill Brown, who succeeded Mike Roman on May 1, said his top priority is to increase sales and "reinvigorate the 3M innovation machine".
"The simple fact is our products are aging," Brown said on his first earnings call.
Brown added the amount invested in new product development has declined over the years as the company shifted resources to exit "forever chemicals" manufacturing and work to reduce supply chain cost.
https://www.reuters.com/business/3m-raises-full-year-profit-forecast-demand-recovery-cost-cuts-2024-07-26/?n=@