Reportedly, global science company 3M (MMM) has been riding high on additional profits due to the huge current demand of its N95 respirator masks during the ongoing Coronavirus pandemic, pushing its stocks up as much as 6%. 3M is the largest maker of masks witnessed a surge as the COVID-19 outbreak intensified globally putting supply pressure on the company.
The N95 Masks lifted the company’s first-quarter sales by 2.7% to $8.08 billion beating market expectations of $7.91 billion, according to IBES data from Refinitiv. In January 3M said it was doubling its global production of N95 masks to 1.1 billion annually.
“We believe Q2 results will be especially challenged given the trends we have seen so far in April,” stated CEO Michael Roman said on a post-earnings call.
All the other units of its business are witnessing a fall in revenue due to the ongoing pandemic except healthcare and consumer. The company now expects 2020 CAPEX to be about $1.3 billion in comparison to its earlier estimate of $1.6 billion to $1.8 billion. The company plans to report monthly sales information to provide transparency as its sails through the pandemic.
Net income was reported to have risen to $1.29 billion, or $2.22 per share, for the quarter ended March 31, from $891 million, or $1.51 per share, a year earlier and on the adjusted basis it earned $2.16 per share, beating expectations of $2.03 per share.
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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