As per reports, Industrial giant 3M (MMM) reported a drop in quarterly adjusted profit driven by declining demand for its disposable N95 masks as COVID-19 recedes. A fall in COVID-19 cases globally due to high vaccination rates caused demand for masks to decrease, impacting the margins of the biggest U.S. producer of N95 masks. Also, the war in Ukraine caused the company to face increased costs, with a shortage of raw materials and semiconductors troubling its auto builds production.
Adjusted earnings per share fell to $2.65 in the first quarter from $2.95 a year earlier, and sales dropped 0.3% to $8.8 billion.
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