: 3M bounces sharply off an 11-year low after big adjusted profit beat and raised outlook

Shares of 3M Co. MMM bounced 4.6% off an 11-year low in premarket trading Tuesday, after the consumer, industrial and health care-products company swung to a third-quarter loss due to $4.2 billion settlement of Combat Arms earplugs litigation, but reported adjusted profit that was well above expectations and raised its full-year outlook. The maker of Scotch tape, Post-it Notes, Command strips and N95 face masks said the net loss for the quarter was $3.74 a share, after net income of $6.77 a year ago. Excluding nonrecurring items, adjusted EPS rose to $2.68 from $2.60 and beat the FactSet consensus of $2.34. Sales grew 3.6% to $8.31 billion, above the FactSet consensus of $7.99 billion. For 2023, the company raised its guidance range for adjusted EPS to $8.95 from $9.15 from $8.60 to $9.10, but now expects adjusted total sales growth of negative 5% compared with its previous guidance of negative 5% to negative 1%. The stock, which closed Monday at the lowest price since June 2012, has tumbled 17.9% over the past three months through Monday, while the Dow Jones Industrial Average DJIA has declined 7.0%.

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