3M Expects 4Q Sales Rising to $8.2 Billion to $8.4 Billion

By Dave Sebastian

3M Co. said it expects sales in the final quarter of $8.2 billion to $8.4 billion, or a roughly 1.1% to 3.6% increase from the same period last year, as the industrial conglomerate has experienced unprecedented demand for its N95 face masks this year.

The St. Paul, Minn., company on Monday said quarterly sales through November were $5.7 billion. The expectations came after the company earlier this month said it would cut 2,900 jobs to reflect slumping demand for some of its products apart from personal-protective gear, such as office supplies, industrial products and other goods.

Sales rose 8% for November to $2.9 billion, 3M said. Including comparable volume effects and selling-price changes, local-currency sales rose 7%, while divestitures dented sales by 1% and foreign-currency translation increased sales by 2%, it added.

November sales in the safety and industrial as well as consumer segments rose 16%, while those in the health-care segment grew 5%. Transportation and electronic sales rose 3%.

In Europe, Middle East and Africa, November sales rose 10%. They increased 9% in the Americas and 5% in Asia Pacific, 3M said.

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(END) Dow Jones Newswires

December 14, 2020 07:09 ET (12:09 GMT)

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