3M raised its 2026 adjusted earnings forecast Tuesday, a 10-cent midpoint increase after recasting July’s outlook, and reported 9.1% third-quarter sales growth in Safety and Industrial.
The revised forecast disclosed with its third-quarter results calls for $9.10 to $9.15 per share. July’s range was $8.80 to $8.95 under the former calculation, or $8.95 to $9.10 when recalculated on the new basis. The July outlook also did not yet reflect 3M’s acquisition of Madison Fire & Rescue, so the change in calculation is not the only difference between the forecasts.
3M now treats intangible-asset amortization as a special item in its adjusted results. The change added about 4 cents to third-quarter adjusted earnings per share, the company said, and it restated the earlier periods used for annual comparisons.
Sales for the quarter ended Sept. 30 rose 1% to $6.584 billion. Adjusted sales, which exclude manufactured PFAS products from the comparison, increased 4.2%. Adjusted earnings climbed 12% to $2.50 per share, while adjusted operating margin rose 110 basis points to 26.2%. Both year-over-year comparisons use restated prior-year figures.
Safety and Industrial generated $3.182 billion in sales, including about $90 million from Madison Fire & Rescue, which 3M acquired in July. The segment’s organic sales rose 7%. Lower inventories at U.S. retailers weighed on Consumer, where sales fell 0.4% to $1.307 billion. Transportation and Electronics sales grew 0.4% to $1.999 billion; 3M cited demand from semiconductor and data-center markets alongside weakness in automotive and consumer electronics.
3M said purchasing savings, manufacturing and logistics improvements, and pricing reduced cost of sales relative to revenue despite oil-related pressure. It estimates oil inflation will add $185 million to its 2026 costs and expects pricing actions to offset that amount. The company returned $600 million to shareholders through dividends and repurchases in the quarter.
For the full year, 3M forecasts adjusted sales growth above 4.5%, including adjusted organic growth above 3.5%. It plans to provide formal 2027 guidance in January 2027.
