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3M fourth-quarter profit rises as cost cuts boost margins

BY Reuters | ECONOMIC | 06:42 AM EST

Jan 20 (Reuters) - ?Industrial giant 3M (MMM) 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 (MMM) 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 (MMM) 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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