Jan 20 (Reuters) – Industrial giant 3M posted an increase in fourth-quarter adjusted profit on Tuesday, as cost cuts and price hikes drove an improvement in profit margins.
Cost cuts and the introduction of new products under CEO Bill Brown have helped 3M shore up margins, cushioning the company from weak consumer demand against a prolonged inflationary backdrop.
The company’s adjusted profit stood at $1.83 per share during the period, compared with $1.68 per share a year earlier.
3M reported revenue of $6.1 billion during the fourth quarter, up 2.1% from a year earlier.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Devika Syamnath)
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