The 2020 Mid-Year Economic Update_long

3M’s August Sales Up 2%

3M reports that sales increased 4% in the Americas and 7% in EMEA (Europe, Middle East and Africa) last month as the company continued its post-pandemic momentum.
3M

3M (NYSE: MMM), St. Paul, Minnesota, reported total sales for August increased 2% year-over-year to $2.7 billion. Organic local-currency sales (which includes organic volume impacts and selling price changes) declined 2% while acquisitions, net of divestitures, and foreign currency translation increased sales year-over-year by 3% and 1%, respectively.

Total sales increased 23% in Health Care, 6% in Safety and Industrial, and 3% in Consumer, while Transportation and Electronics declined 11%. Organic local-currency sales increased 6% in Health Care, 5% in Safety and Industrial, and 2% in Consumer, while Transportation and Electronics declined 11%.

On a geographic basis, total sales increased 7% in EMEA (Europe, Middle East and Africa), and 4% in the Americas, while Asia Pacific declined 2%. Organic local-currency sales were flat in both the Americas (including the U.S. up 1%) and EMEA, while Asia Pacific declined 5% (including China up 6% and Japan down 15%).

Sales for August 2020 were impacted by one fewer business day — 21 days this year versus 22 days last year — or -5% year-over-year. Because the company will have one additional business day in September 2020 versus September 2019, there will be no year-on-year business day impact on the third-quarter 2020.

While significant global economic uncertainty remains due to the COVID-19 pandemic, the company estimates, with one month left in the quarter, its sales to be in the range of $8.2 to $8.3 billion for the third quarter.

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