Why 3M Company Stock Surged Higher in October

Why 3M Company Stock Surged Higher in October

Shares of 3M Company (NYSE: MMM) popped 9.7% in October, according to data provided by S&P Global Market Intelligence, after the company reported a surprisingly a good third quarter. The industrial conglomerate is seeing significant organic growth for the first time in decades. 

Third-quarter revenue jumped 6% to $8.2 billion, and net income was up 8.4% to $1.43 billion, or $2.33 per share. But what really shocked investors was 6.6% organic local currency growth, driven by a surge in demand for electronics-related products in Asia. 

3M has a surprisingly large electronics business, supplying films to most of the devices we see everyday. Image source: Getty Images.

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Source: Fool.com