3M raises lower end of full-year adjusted profit forecast on demand recovery

(Reuters) -U.S. industrial conglomerate 3M Co raised the lower end of its full-year adjusted profit forecast on Tuesday, anticipating a boost in consumer spending after the Federal Reserve cut borrowing costs in September.

Shares of the company were up 4% at $140.3 in premarket trading.

The Post-it maker also reported an about 18% rise in quarterly profit as cost cuts offset the impact from slow sales in its consumer business.

It reported an adjusted profit of $1.98 per share for the third quarter, compared with $1.68 per share a year earlier.

The St. Paul, Minnesota-based company now expects its full-year adjusted profit to be between $7.20 and $7.30 per share, compared with its previous forecast of $7.00 to $7.30 per share.