The 2020 Mid-Year Economic Update_long

3M’s Sales Up 0.1% in 2020

Though revenue was flat, the diversified manufacturer posted double-digit profit growth in a year dominated by COVID-19 and pandemic-related product sales.
3M corporate headquarters building

3M (NYSE: MMM), St. Paul, Minnesota, reported 2020 sales of $32.2 billion, a 0.1% increase compared to 2019. Profit was $5.4 million, a 17.8% increase compared to the prior year.

For the fourth quarter, sales of $8.6 billion marked a 5.8% increase compared to the fourth quarter of 2019. Profit was $1.4 million, a 43.3% increase compared to the prior-year period.

Safety and industrial group sales of $3.1 billion were up 12.7% in U.S. dollars. Organic local-currency sales increased 11.4%.

Transportation and electronics sales of $2.3 billion were up 2.3%. Organic local-currency sales increased 1.4%.

Health care sales of $2.3 billion were up 5.4%. Organic local-currency sales increased 6.6%.

Consumer sales of $1.4 billion were up 10.6% in U.S. dollars. Organic local-currency sales increased 9.9%.

“The 3M team delivered a strong fourth quarter with organic growth across all business groups, robust cash flow and a double-digit increase in earnings per share,” said Mike Roman, 3M chairman and CEO. “In an uncertain economic environment, we stayed focused on innovating for our customers, improving our operational execution and fighting the pandemic from every angle.

“Throughout 2020 we distributed two billion respirators globally and supported the development and manufacturing of vaccines and therapeutics to help the world respond to COVID-19,” Roman continued. “We also took significant actions to transform and build 3M for the future, while advancing our core values. Moving forward we will continue to prioritize investments in growth, productivity and sustainability as we build on our progress and deliver strong results in 2021.”

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