As per reports, 3M (MMM) reported better than expected quarterly profit as more people purchased its air filters and Scotch-branded products.
3M’s transportation & electronics and safety & industrial units witnessed 1.5% and 2.2% declines in sales respectively. Net income dropped to $1.34 billion, or $2.31 per share, in the fourth quarter ended Dec. 31, from $1.41 billion, or $2.41 per share, a year earlier. Analysts were expecting a profit of $2.02 per share. Net sales soared 0.3% higher to $8.61 billion, beating estimates of $8.55 billion.
3M which is the biggest maker of N95 respirators in the United States, anticipates that the demand will fade in 2022, adding a 4% fall in its respirator sales for 2021 was noted. The company’s iconic Post-it-branded products witnessed a rise in sales despite workplace re-openings being pushed back due to the resurgence of COVID-19 cases.
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