3M Reports Sales Information for Month of May 2020
June 15 2020 - 6:30AM
Business Wire
May Summary:
- Sales of $2.2 billion, down 20 percent year-on-year
- May sales negatively impacted by two fewer business days – 20
days this year vs. 22 days last year – or minus 9 percent
year-on-year impact
3M (NYSE: MMM) today reported sales information for the month of
May 2020.
Total sales for May declined 20 percent year-on-year to $2.2
billion. Organic local-currency sales (which includes organic
volume impacts and selling price changes) declined 21 percent while
acquisitions, net of divestitures, increased sales by 2 percent.
Foreign currency translation reduced sales by 1 percent
year-on-year.
Total sales declined 11 percent in Health Care, 12 percent in
Consumer, 17 percent in Safety and Industrial, and 30 percent in
Transportation and Electronics. Organic local-currency sales
declined 11 percent in Consumer, 15 percent in Safety and
Industrial, 22 percent in Health Care, and 28 percent in
Transportation and Electronics.
On a geographic basis, total sales declined 15 percent in Asia
Pacific, 21 percent in the Americas, and 26 percent in EMEA
(Europe, Middle East and Africa). Organic local-currency sales
declined 15 percent in Asia Pacific (including China down 6 percent
and Japan down 18 percent), the Americas declined 24 percent
(including the U.S. down 22 percent), and EMEA declined 25
percent.
The above sales information for May 2020 was impacted by two
fewer business days – 20 days this year versus 22 days last year –
or a minus 9 percent year-on-year impact. The company will have two
additional business days in June 2020 versus June 2019. As a
result, there will be no year-on-year business day impact for the
second quarter.
3M will host its second-quarter 2020 earnings conference call on
Tuesday, July 28, 2020, at 8 a.m. CDT. The event will be webcast
live, and a replay will be available on 3M’s Investor Relations
website at http://investors.3M.com.
Forward-Looking Statements This news release contains
forward-looking information about 3M's financial results and
estimates and business prospects that involve substantial risks and
uncertainties. You can identify these statements by the use of
words such as "anticipate," "estimate," "expect," "aim," "project,"
"intend," "plan," "believe," "will," "should," "could," "target,"
"forecast" and other words and terms of similar meaning in
connection with any discussion of future operating or financial
performance or business plans or prospects. Among the factors that
could cause actual results to differ materially are the following:
(1) worldwide economic, political, regulatory, capital markets and
other external conditions and other factors beyond the Company's
control, including natural and other disasters or climate change
affecting the operations of the Company or its customers and
suppliers; (2) risks related to public health crises such as the
global pandemic associated with the coronavirus (COVID-19); (3)
liabilities related to certain fluorochemicals, including lawsuits
concerning various PFAS-related products and chemistries, and
claims and governmental regulatory proceedings and inquiries
related to PFAS in a variety of jurisdictions; (4) legal
proceedings, including significant developments that could occur in
the legal and regulatory proceedings described in the Company's
Annual Report on Form 10-K for the year ended Dec. 31, 2019, and
any subsequent quarterly reports on Form 10-Q (the “Reports”); (5)
competitive conditions and customer preferences; (6) foreign
currency exchange rates and fluctuations in those rates; (7) the
timing and market acceptance of new product offerings; (8) the
availability and cost of purchased components, compounds, raw
materials and energy (including oil and natural gas and their
derivatives) due to shortages, increased demand or supply
interruptions (including those caused by natural and other
disasters and other events); (9) unanticipated problems or delays
with the phased implementation of a global enterprise resource
planning (ERP) system, or security breaches and other disruptions
to the Company's information technology infrastructure; (10) the
impact of acquisitions, strategic alliances, divestitures and other
unusual events resulting from portfolio management actions and
other evolving business strategies, and possible organizational
restructuring; (11) operational execution, including scenarios
where the Company generates fewer productivity improvements than
estimated; (12) financial market risks that may affect the
Company’s funding obligations under defined benefit pension and
postretirement plans; and (13) the Company's credit ratings and its
cost of capital. Changes in such assumptions or factors could
produce significantly different results. A further description of
these factors is located in the Reports under "Cautionary Note
Concerning Factors That May Affect Future Results" and "Risk
Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I,
Item 2 and Part II, Item 1A (Quarterly Reports), as updated by
applicable Current Reports on Form 8-K. The information contained
in this news release is as of the date indicated. The Company
assumes no obligation to update any forward-looking statements
contained in this news release as a result of new information or
future events or developments.
About 3M At 3M, we apply science in collaborative ways to
improve lives daily. With $32 billion in sales, our 96,000
employees connect with customers all around the world. Learn more
about 3M’s creative solutions to the world’s problems at www.3M.com
or on Twitter @3M or @3MNews.
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version on businesswire.com: https://www.businesswire.com/news/home/20200615005215/en/
3M Investor Contacts: Bruce Jermeland,
651-733-1807 or Tony Riter, 651-733-1141 or Media Contact:
Stephen Sanchez, 651-737-5967
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