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3M Records Strong Q4 Backed By Strong Demand For Air Filters & Scotch-Branded Products $MMM $DIA

By John F. Heerdink, Jr.

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.

3M further pushed its prices high to combat the costs and inflationary pressures, Chief Financial Officer Monish Patolawala stated, “Our selling price actions continue to gain traction as we went through the quarter.”
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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(Read Original Story: 3M profit beats as N95 mask demand surges due to Omicron in Reuters)


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