Shares of 3M Co. rose Tuesday after the consumer products, industrial products and health care company reported a profit adjusted that was far higher than expected and increased its outlook for the full year.

Mike Roman, Chief Executive Officer, said: “In the second-quarter, our actions to strengthen and restructure 3M’s supply chain led to better service for customers, lower costs, and higher than expected cash flow and margins.”

In premarket trading, MMM -0.06% rose 2.3%, setting them up to open with the highest price since May 1. The closing price on Monday of $104,27 was 11.7% higher than the closing low of $93.31 that occurred on May 31, 2011.

The company’s net loss jumped to $6.84 billion or $12.35 per share from a profit of $78.8 million or 14 cents per share in the previous period.

The loss resulted from a $10.3billion charge booked in the third quarter for , a proposed settlement for claims that it was responsible for polyfluoroalkyls (PFAS), also known as “forever chemicals”, found in drinking water.

FactSet’s consensus estimate of $1.73 was a far cry from the adjusted earnings per share, which fell to $2.17 excluding nonrecurring items.

Sales unexpectedly grew by 4.2% to $8.325 from $7.993 while FactSet had predicted a drop to $7.875billion.

3M’s safety and industrial business segment saw sales fall 5.4%, to $2.77 Billion, slightly above the FactSet consensus estimate of $2.76 Billion. Transportation and electronics sales dropped 3.4%, to $2.19 Billion, but surpassed expectations of $1.79Billion.

Sales in the health care division, which will be spun-off into a separate publicly traded company fell by 4.8%, to $2.08 Billion, falling short of expectations for $2.09 Billion.

The adjusted free cash flow increased by 43.7%, to $1.46bn. This compares with an average estimate of $909mn from two FactSet analysts.

The company has raised its 2023 guidance for adjusted EPS from $8.50-$9.00.

Roman, CEO of 3M, said: “As 3M executes its strategy, it positions itself for long-term success, including the planned spin off of our health business and addressing a substantial portion of PFAS lawsuits.”

The Dow Jones Industrial Average JIA, +0.52% is up 5.6% over the last three months.