3M quarterly profit jumps on price hikes, cost cuts

By Thomson Reuters Apr 30, 2024 | 5:41 AM

(Reuters) – U.S. industrial conglomerate 3M Co posted a 21% rise in quarterly profit on Tuesday as price hikes and cost cuts offset the impact from slow sales.

3M has hiked prices over the past two years and said last quarter it will continue to lean on price increases across categories to offset inflation and slow demand in its electronics business that makes optical films for smartphone and television displays.

This helped the industrial conglomerate, along with cost cuts, to navigate the slow demand environment, particularly in markets such as China.

The St. Paul, Minnesota-based company reported an adjusted profit of $2.39 per share for the quarter, compared with $1.97 per share a year earlier.

(Reporting by Kannaki Deka in Bengaluru; Editing by Shounak Dasgupta and Shinjini Ganguli)