Reportedly, 3M (MMM) posted strong profit and revenue estimates in the first quarter, as more and more people bought products to prevent potential coronavirus infections i.e. 3M’s N95 masks and general cleaning equipment. Sales for the safety and industrial unit increased 13.7% to $3.3 billion for the quarter ending March 31. Net income increased by 24.2% to $1.62 billion, or $2.77 per share, from a year earlier and above analyst estimates of $2.29 per share. Net sales were up by 9.6% to $8.85 billion, ahead of Wall Street estimates of $8.47 billion.
“Global economic recovery remains uneven and fluid as COVID-19, vaccination deployments and government policies continue to evolve,” the company said in a statement.
The company expects a raw materials & logistics charge between 30 cents and 50 cents per share in 2021 compared to its prior forecast of flat to a 10 cent hit.
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