The company reported surging sales of its health care products and equipment including respirators, as well as strong demand for consumer products like 3M stickies.
The St. Paul, Mind.-based maker of respirators and other front-line equipment being used in the battle against Covid-19 posted net income of $1.41 billion, or $2.43 a share, vs. $1.59 billion, or $2.75 a share a year ago. Analysts polled by FactSet had been expecting per-share earnings of $2.26 a share.
Sales rose 4.5% from last year to $8.35 billion vs. $7.99 billion a year ago, also above analysts' forecasts of $8.3 billion. Health care sales surged 25.5% during the quarter, 3M said, offsetting a 7.1% decline in transportation and electronics. Safety and industrial sales rose 6.9% while consumer sales were 5.6% higher.
“Though economic uncertainty and challenges due to the Covid-19 pandemic remain, we returned to positive organic sales growth with sequential improvement across businesses and geographies," CEO Mike Roman said in a statement. "We posted another quarter of robust cash flow, aggressively managed costs, and further strengthened our balance sheet."
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