3M beat sales estimates on pandemic-driven demand for personal safety products

The logo of Down Jones Industrial Average stock market index listed company 3M is shown in Irvine, California April 13, 2016. REUTERS/Mike Blake

3M Co (MMM.N) beat Wall Street estimates for quarterly revenue, as people bought more personal safety products to stave off potential coronavirus infection.

The company’s N95 masks, which provide a high level of filtration against airborne contaminants, as well as its home improvement and general cleaning equipment have been in high demand as the world continues to fight the new coronavirus.

Sales in the company’s safety and industrial unit jumped 13.7% to $3.3 billion in the quarter ended March 31.

Net income attributable to 3M rose to $1.62 billion, or $2.77 per share, from $1.31 billion or $2.25 per share, a year earlier.

Net sales rose 9.6% to $8.85 billion, beating analysts’ average expectation of $8.47 billion, according to Refinitiv data.

Our Standards: The Thomson Reuters Trust Principles.

source: reuters.com