3M Sales Rose 2% in August

By Dave Sebastian

3M Co. said its sales rose 2% to $2.7 billion in August, driven by a boost to its segments that sell medical and surgical supplies and safety products.

Including organic volume effects and selling price changes, sales fell 2%, the company said Tuesday. Acquisitions, net of divestitures, and foreign-currency translations boosted sales by 3% and 1%, respectively.

3M said sales in its health-care segment rose 23% and in its safety and industrial segment 6%. Consumer-product sales rose 3%, while transportation and electronics fell 11%. On an organic basis, health-care sales rose 6%, safety and industrial sales rose 5%, consumer sales rose 2% and transportations and electronics sales fell 11%.

Sales in Europe, the Middle East and Africa rose 7%, and 4% in the Americas. Asia-Pacific sales fell 2%. On an organic basis, Americas and Europe, Middle East and Africa sales were flat, though the U.S. rose 1%, and Asia-Pacific sales fell 5%, with China gaining 6% and Japan falling 15%.

3M said it expects third-quarter sales of $8.2 billion to $8.3 billion. It said it will continue giving out monthly sales information through the end of the year amid the economic uncertainty brought on by the Covid-19 pandemic.

The company said it booked one fewer business day in August, though it will have one additional business day in September compared with last year.

Write to Dave Sebastian at [e-mail]

(END) Dow Jones Newswires

September 15, 2020 07:25 ET (11:25 GMT)

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