Jim Cramer Says 3M Stock Oversold After Good Quarter

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3M  (MMM) - Get Report posted earnings on Tuesday. 

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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