3M Sales Rose 2% in August
September 15 2020 - 6:40AM
Dow Jones News
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 dave.sebastian@wsj.com
(END) Dow Jones Newswires
September 15, 2020 07:25 ET (11:25 GMT)
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