3M Sales Fall 11% in April Amid Pandemic
May 14 2020 - 7:20AM
Dow Jones News
By Dave Sebastian
3M Co. said Thursday that sales fell 11% in April to $2.3
billion as the need for face masks has surged while demand for
other goods in its product line, such as industrial glues, has
fallen amid factory closures due to the Covid-19 pandemic.
Sales in the transportation and electronics segment declined
20%, while consumer-segment sales fell 5% and safety-and-industrial
sales fell 11%, said the company, which has pulled its full-year
guidance. Health-care sales grew 5% for the month.
Organic local-currency sales, which includes volume and
selling-price adjustments, fell 12% in April, 3M said.
Acquisitions, net of divestitures, lifted sales by 3%, while
foreign-currency translation weighed sales down by 2%.
In Asia Pacific, where the pandemic first had an effect earlier
this year, sales fell 5% in April. Europe, Middle East and Africa
sales fell 12%, while Americas sales fell 13%, the company
said.
3M said it continues to see end-market demand in personal
safety, electronics, general cleaning, food safety and biopharma
filtration. Meanwhile, demand was weak for other end markets such
as oral care, automotive original-equipment manufacturing and
aftermarket, general industrial and stationery and office.
"April sales results were largely in line with month-to-date
trends we discussed during our first quarter earnings call,"
Chairman and Chief Executive Mike Roman said.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
May 14, 2020 07:05 ET (11:05 GMT)
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