3M stock spiked higher on earnings ‘beat’

3M Co (NYSE:MMM) shares soared on Friday, rising around 19%, driven by better-than-expected second-quarter results.

Revenue for the quarter amounted to $6.3 billion, easily exceeding the consensus Wall Street forecast of $5.85 billion.

Earnings per share similarly beat estimates comfortably, at $1.93 versus $1.68.

Looking ahead, guidance for the full year was upgraded lifting the estimated EPS range to $7.00 to $7.30, up from the previous range of $6.80 to $7.30.

It was the first set of financials under new chief executive Bill Brown, who took the role in early May.

Under Brown, 3M is aiming to streamline operations and it is accelerating new product development.

“I am focused on three priorities: driving sustained organic revenue growth, increasing operational performance, and effectively deploying capital,” Brown said.

“I have long admired 3M’s track record of innovation and am excited to be leading this great company and by the opportunities ahead.”

In New York, 3M shares were up $19.78 or 19.13% changing hands at $123.17.