Dow 30 component, 3M (MMM) reported Q3 earnings this week, beating Wall Street estimates as demand for its N95 masks continues to grow during the COVID-19 pandemic. Sales from its healthcare unit recorded a 25.5% increase and accounted for more than a quarter of the company’s total sales.
Sales at 3M’s safety and industrial rose by 6.9%. Revenue from the transportation and electronics unit, which includes everything from computer screen filters to auto parts, dropped 7.4% as the pandemic continues to affect the end markets.
Net income dropped to $1.41 billion, or $2.43 per share for the quarter ending Sept. 30. Net sales increased by 4.5% to $8.35 billion.
3M forecasted a full-year capital expenditure between $1.4 billion and $1.5 billion, in comparison to its previous forecast of about $1.4 billion. The company declined to provide any other forecast for the year due to pandemic uncertainty.
3M (MMM) is a global science company that seems to never stop inventing. Using 46 technology platforms, their integrated team of scientists and researchers works with customers to create breakthroughs. Their inventions have improved daily life for hundreds of millions of people all over the world. With $30 billion in sales, 90,000 employees connect with customers all around the world. Scientists, researchers, and marketers work across countries and across subjects to solve challenges big and small. To learn more about 3M (MMM) and to track its ongoing progress please visit the Vista Partners 3M (MMM), Coverage Page.
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