3M Company (MMM) Soars to All-Time High on Strong Sales, Upbeat Outlook

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 sentiment was boosted by improved sales performance in the third quarter of the year, supported by a higher growth outlook.

During the intra-day trading, the stock climbed to its highest price of $166.82 before ending the day just up by 7.66 percent at $166.64 apiece.

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In an updated report, 3M Company (NYSE:MMM) said it now expects total sales to exceed its previous 2.5 percent target, reflecting adjusted organic sales growth of more than 2 percent.

Earnings per share were pegged in the range of 7.95 to $8.05, higher than the previous $7.75 to $8.

The new guidance was encouraged by an improved 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 declined by 39 percent to $834 million from $1.372 billion year-on-year.

For the nine-month period, net sales inched up by 1.3 percent to $18.8 billion from $18.56 billion year-on-year. Net income dropped by 22 percent to $2.673 billion from $3.445 billion year-on-year.

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Disclosure: None. This article is originally published at Insider Monkey.