The 2020 Mid-Year Economic Update_long

3M’s April Sales Down 11%

The company withdrew its full-year 2020 outlook on April 28, 2020, due to the uncertain impact of the COVID-19 pandemic and committed to provide monthly updates until it is better able to forecast future performance.

3M (NYSE: MMM), St. Paul, Minnesota, reported sales information for the month of April 2020. The company withdrew its full-year 2020 outlook on April 28, 2020, due to the uncertain impact of the COVID-19 pandemic and committed to provide monthly updates until it is better able to forecast future performance.

Total sales for April declined 11% year-on-year to $2.3 billion. Organic local-currency sales (which includes organic volume impacts and selling price changes) declined 12% while acquisitions, net of divestitures, increased sales by 3%. Foreign currency translation reduced sales by 2% year-on-year.

“April sales results were largely in line with month-to-date trends we discussed during our first quarter earnings call,” said Mike Roman, 3M chairman and chief executive officer. “We remain focused on ensuring the health and safety of our employees, delivering for our customers and increasing production of much needed respirators as we fight this pandemic from all angles.”

Total sales grew 5% in Health Care, with declines of 5% in Consumer, 11% in Safety and Industrial, and 20% in Transportation and Electronics. Organic local-currency sales declined 3% in Consumer, 7% in Safety and Industrial, 10% in Health Care, and 18% in Transportation and Electronics.

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