What happened 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. So what 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. 3M has spent years trying to figure out how it's going to grow an industrial business that's increasingly dealing with competition from Asia. It found a good path with electronics, driven by a new round of smartphones and the growth in electric vehicles. The move to OLED screens, in particular, will likely be a tailwind for 3M long-term. Now what 3M's shares still aren't cheap at 26 times trailing earnings, but if it can grow by mid-single digits long-term, that could be a fair price. Few companies have exposure to nearly every major industry like 3M does, and if it can remain a critical component maker in emerging electronics, there could be a wave of volume growth ahead. This is the kind of stock I would buy on the dips given the price, but there's no doubt that this is the best earnings report 3M has had in a long time. 10 stocks we like better than 3MWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and 3M wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of October 9, 2017Travis Hoium owns shares of 3M. The Motley Fool recommends 3M. The Motley Fool has a disclosure policy.