3M Reports Declined Profits As N95 Mask Demand Dips – $MMM $DIA

By John F. Heerdink, Jr.

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.

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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