Shares of 3M Co. /zigman2/quotes/205029460/composite MMM -0.15% jumped 2.1% in premarket trading Tuesday, after the consumer, health care and safety products company reported first-quarter profit and revenue that beat expectations, but said it was withdrawing its full-year outlook due to uncertainties regarding the impact of the COVID-19 pandemic. Net income rose to $1.29 billion, or $2.22 a share, from $891 million, or $1.51 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $2.16, above the FactSet consensus of $2.03. Revenue grew 2.7% to $8.08 billion to beat the FactSet consensus of $7.91 billion. "In the first quarter we saw strong growth in personal safety, as well as in other areas of our portfolio experiencing high demand due to the pandemic," said Chief Executive Mike Roman. "At the same time, we experienced weak demand in several end markets that were more severely impacted by actions taken around the world to slow the pandemic." The stock has lost 7.2% over the past three months through Tuesday, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.75% has dropped 16.0%.
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3M’s stock surges on earnings beat, that was nearly 20 years in the making