The 2020 Mid-Year Economic Update_long

3M’s July Sales Up 6%

Sales increase 10% in the Americas as 3M appears to have turned a corner related to uncertainty surrounding the COVID-19 pandemic.
3M HQ

3M (NYSE: MMM), St. Paul, Minnesota, reported total sales for July increased 6% year-over-year to $2.8 billion. Organic local-currency sales (which includes organic volume impacts and selling price changes) improved 3% while acquisitions, net of divestitures, increased sales by 3%. Foreign currency translation reduced sales by 1% year-on-year.

Total sales increased 29% in health care, 9% in consumer, and 6% in safety and industrial, while transportation and electronics declined 7%. Organic local-currency sales increased 11% in health care, 9% in consumer and 8% in safety and industrial, while transportation and electronics declined 6%.

On a geographic basis, total sales increased 10% in the Americas, 3% in EMEA (Europe, Middle East and Africa) and were flat in Asia Pacific. Organic local-currency sales increased 6% in the Americas (including the U.S. up 8%), were flat in EMEA, and declined 1% in Asia Pacific (including China up 13% and Japan down 12%).

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