The 2020 Mid-Year Economic Update_long

3M’s May Sales Down 20%

U.S. sales decrease 22 percent as company continues to deal with uncertainty surrounding the COVID-19 pandemic.

3M (NYSE: MMM), St. Paul, Minnesota, reported total sales for May declined 20% year-over-year to $2.2 billion. Organic local-currency sales (which includes organic volume impacts and selling price changes) declined 21 percent while acquisitions, net of divestitures, increased sales by 2 percent. Foreign currency translation reduced sales by 1 percent year-on-year.

Total sales declined 11% in health care, 12% in consumer, 17% in safety and industrial, and 30% in transportation and electronics. Organic local-currency sales declined 11% in consumer, 15% in safety and industrial, 22% in health care, and 28% in transportation and electronics.

On a geographic basis, total sales declined 15% in Asia Pacific, 21% in the Americas and 26% in EMEA (Europe, Middle East and Africa). Organic local-currency sales declined 15% in Asia Pacific (including China down 6% and Japan down 18%), the Americas declined 24% (including the U.S. down 22%), and EMEA declined 25%.

On April 28, the company withdrew its full-year 2020 outlook 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.

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