3M's stock surged 23% to a 52-week high following better-than-expected quarterly results. The company reported second-quarter adjusted earnings of $1.93 per share, surpassing estimates of $1.68 per share. Additionally, 3M's revenue exceeded analysts' expectations.

The company’s adjusted net revenues of $6.02 billion outperformed the Zacks Consensus Estimate of $5.89 billion. The metric increased 1.1% year over year, driven by organic sales growth of 1.2%.

Foreign currency translation had a negative impact of 1.4% while acquisitions boosted the top line by 1.3%. On a GAAP basis, MMM’s net sales edged down 0.5% year over year to $6.26 billion.

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Region-wise, organic sales in the Americas increased 0.7% year over year while Asia Pacific organic sales inched up 0.6%. Organic sales from businesses in Europe, the Middle East and Africa decreased 4.6%.

3M has updated the adjusted earnings guidance for 2024. MMM now expects adjusted earnings in the range of $7.00-$7.30 per share. The midpoint of the guided range is $7.15, which reflects a decline from earnings of $9.24 per share reported in 2023.

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Adjusted total sales are expected to decline 0.25% to increase 1.75%. This implies adjusted organic sales growth of 0-2%.

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