3M's shares soared to a near two-year high Friday following the industrial conglomerate's quarterly results that underscored its focus on investing in high-growth businesses and reigniting the company's storied history of product innovation.

3M's shares, which rose as much as 20%, were on track for their best day ever after the company also raised its full-year profit forecast, benefiting from a spate of cost cuts.

CEO Bill Brown, who succeeded Mike Roman on May 1, said his top priority is to increase sales and "reinvigorate the 3M innovation machine."

"The simple fact is our products are aging," Brown said on his first earnings call.

Brown added the amount invested in new product development has declined over the years as the company shifted resources to exit "forever chemicals" manufacturing and work to reduce supply chain cost.

3M 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 to drive growth amid slow demand.

The maker of Post-it notes has also benefited from steady price increases across categories, which have helped it offset inflation and weakness in its consumer business.

An additional fillip came from restructuring measures to streamline the business and reduce costs.

Brown said he would take a "fresh dispassionate look" at the company's portfolio to ascertain what assets might be a good fit for 3M.

"This looks like a good start to a new era for 3M," Wolfe Research analyst Nigel Coe said.

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 also came in above estimates of $5.88 billion.