3M Co (NYSE:MMM) shares are trading higher Tuesday after the company reported better-than-expected financial results and announced plans to spin-off its health care business.

3M said second-quarter revenue declined 3% year-over-year to $8.7 billion, which beat the estimate of $8.58 billion, according to data from Benzinga Pro. The company reported quarterly earnings of $2.48 per share, which beat the estimate of $2.45 per share. 

Operating cash flow was down 40% year-over-year to $1.1 billion. 

"Looking ahead, we updated our adjusted full-year expectations largely due to the strength of the U.S. dollar and uncertain macroeconomic environment,"  said Mike Roman, chairman and CEO of 3M.

3M cut its full-year revenue growth outlook from up 1% to 4% to down 0.5% to 2.5%. The company also cut full-year adjusted earnings from a range of $10.75 to $11.25 per share to a range of $10.30 to $10.80 per share versus the estimate of $10.60 per share.

Related Link: 3M: Q2 Earnings Insights

3M also announced plans to spin-off its health care business. The business is currently expected to be spun off with net leverage of approximately 3 to 3.5 times EBITDA. 3M will retain a 19.9% stake in the company.

MMM Price Action: 3M has traded between $181.78 and $125.60 over a 52-week period.

The stock was up 4.76% at $140.50 at press time. 

Photo: StockSnap from Pixabay.