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.
Industrial giant 3M reported quarterly profits narrowly missing quarterly revenue estimates last week. The Company was hit by low demand from China. Asia-Pacific sales plunged 1.7%, while Europe, Middle East, and Africa reported a drop of 2%. Sales in the United States rose by 7.4%.
“We were looking at a sluggish start to China in the first quarter based on automotive, and the build rate’s expected to be down mid-single digits and maybe even high single digits,” stated Chief Executive Officer Michael Roman in a post-earnings call.
Highlights from the earnings release:
- 3M reported a $214 million write-down for litigation related to PFAS chemicals.
- Sales at its healthcare unit accounting for 25% to total revenue, rose about 25.4% on strength in international markets.
- The company expects 2020 earnings per share to be between $9.30 and $9.75.
- Net income fell 28% to $969 million.
- 3M earned $2.15 per share, beating expectations of $2.10, according to IBES data from Refinitiv.
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