Posted April 28, 2020

3M reports 2.7 percent sales gain

Strong growth in personal safety products helped 3M drive a 2.7 percent sales increase in the first quarter. Sales of $8.1 billion compared to $7.9 billion in last year's first quarter.

Total sales grew 21.0 percent in Health Care and 4.6 percent in Consumer, with declines of 1.0 percent in Safety and Industrial and 5.0 percent in Transportation and Electronics. Organic local-currency sales increased 6.1 percent in Consumer, 2.2 percent in Safety and Industrial and 1.2 percent in Health Care, with a decline of 3.0 percent in Transportation and Electronics.

Net income of $1.3 billion, or $2.22 per share, compared to $891 million, or $1.51, in the same period last year.

“Given the breadth and diversity of our businesses, the financial impact of COVID-19 is varying across 3M,” said Mike Roman, 3M chairman and chief executive officer. “In the first quarter we saw strong growth in personal safety, as well as in other areas of our portfolio experiencing high demand due to the pandemic. At the same time, we experienced weak demand in several end markets that were more severely impacted by actions taken around the world to slow the pandemic. Looking ahead, 3M is taking action that will help us navigate near-term uncertainty, generate strong cash flow, and lead out of the slowdown by delivering for employees, customers and shareholders.”

During the quarter, the company accelerated respirator production, including ramping up idle respirator lines and doubling global respirator output to 100 million per month, with U.S. production ramping up to about 35 million per month.