We recently published 10 Stocks Leaving Wall Street in the Dust. 3M Company (NYSE:MMM) is one of the best performers on Tuesday.
3M Company soared to a new all-time high on Tuesday as investor confidence was boosted by better sales performance in the third quarter of the year, supported by a stronger growth outlook.
During intraday trading, shares rose to their highest price of $166.82 before ending the day up 7.66 percent at $166.64 each.
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In an updated report, 3M Company (NYSE:MMM) said it now expects total sales to exceed its previous target of 2.5 percent, reflecting adjusted organic sales growth of more than 2 percent.
Earnings per share were set in the range of $7.95 to $8.05, up from $7.75 to $8 previously.
The new guidance was encouraged by better sales performance in the third quarter of the year, jumping 3.5 percent to $6.517 billion from $6.294 billion in the same period last year.
However, net income decreased 39 percent to $834 million from $1.372 billion year-on-year.
During the nine-month period, net sales rose 1.3 percent to $18.8 billion from $18.56 billion year over year. Net income fell 22 percent to $2.673 billion from $3.445 billion year over year.
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Disclosure: None. This article was originally published in Internal jumpsuit.