3M Sales Rise But Profit Falls in 3Q
October 27 2020 - 7:21AM
Dow Jones News
By Dave Sebastian
3M Co. said its sales rose for the September quarter, though
profit fell as expenses grew and sales of products serving
industries affected by the Covid-19 pandemic continued
declining.
The company posted a third-quarter profit of $1.41 billion, or
$2.43 a share, compared with $1.58 billion, or $2.75 a share, in
the same period last year. Excluding items, earnings were also
$2.43 a share, topping analysts' expectations.
The Saint Paul, Minn., manufacturer on Tuesday said its sales
rose 4.5% to $8.35 billion. The company had expected sales of $8.2
billion to $8.3 billion, and analysts polled by FactSet had
expected $8.31 billion. Comparable local-currency sales rose
0.9%.
At the company's safety and industrial business, sales grew
6.9%. Health-care sales increased almost 26%. Consumer-product
sales rose 5.6%, while transportation and electronics products fell
7.4%.
Operating expenses grew to $6.44 billion from $5.98 billion.
The company sees October sales to be flat to up low-single
digits from the same month last year. It didn't provide other
financial outlook due to Covid-19 uncertainty but said it will
continue to report monthly sales for the current quarter.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
October 27, 2020 07:06 ET (11:06 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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