(Reuters) -Industrial conglomerate 3M ( MMM ) raised the lower end of its annual adjusted profit forecast on Friday, looking to benefit from its restructuring measures and increasing demand for electronics, sending its shares up more than 7% before the bell.

The company last year cut its global workforce by 10%, switched to an export-led business model, closed several facilities and spun off Solventum , which helped it to navigate a slow demand environment.

To drive growth, the company shifted its focus to high-growth businesses such as automotive electrification and growth areas such as climate technology, while exiting less profitable consumer product lines.

Under CEO Bill Brown, who took over in May, 3M ( MMM ) expects to further reap the benefits of streamlining by way of lower costs, even as steady price increases helps it offset slow demand in its consumer and industrial businesses.

The company expects full-year adjusted profit to be between $7.00 and $7.30 per share, above its previous forecast of $6.80 to $7.30.

It reported an adjusted profit of $1.93 per share for the quarter, above analysts' average estimate of $1.68, according to LSEG data.

Second-quarter adjusted revenue of $6 billion came in above estimates of $5.88 billion.

(Reporting by Kannaki Deka in Bengaluru; Editing by Maju Samuel and Arun Koyyur)