3M’s Sales Up 24.7% in 2Q - Modern Distribution Management

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3M’s Sales Up 24.7% in 2Q

All divisions at the company posted a strong quarter, with safety and industrial sales growing 22.4% in the period.
An expert says lawsuits filed by veterans who blame hearing issues on defective earplugs could bankrupt the company, but 3M calls the interpretation ‘flawed speculation,’ according to Bloomberg.

3M (NYSE: MMM), St. Paul, Minnesota, reported second-quarter sales of $8.9 billion, a 24.7% increase compared to the second quarter of 2020. Profit was $1.5 billion, a 16.7% increase compared to the prior year.

Total sales grew 28.1% in transportation and electronics, 24.9% in health care, 22.4% in safety and industrial, and 20.4% in consumer.

On a geographic basis, total sales grew 28.7% in EMEA (Europe, Middle East and Africa), 26.1% in the Americas, and 20.2% in Asia Pacific.

“3M delivered strong performance in the second quarter, once again posting organic growth across all business groups and geographic areas, along with increased earnings and robust cash flow,” said Mike Roman, 3M chairman and CEO. “In an uncertain economic environment, our team executed well and drove innovation across our businesses, while continuing to build for the future. Looking forward, we remain focused on investing in growth opportunities coming out of the pandemic, improving productivity, advancing sustainability and delivering differentiated value for our customers and shareholders.”

For the first six months, 3M reported sales of $17.8 billion, up 16.7% from the same period a year ago. Profit of $3.1 billion was up 20.4%.

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