MINNEAPOLIS (WCCO) — Minnesota-based 3M is reporting some positive news Thursday morning, saying that sales in July 2020 represented a 6% increase year-over-year.
The $2.8 billion in sales reported were driven in part by organic local-currency sales, which went up 3%. The other component of the increase was attributed to acquisitions.READ MORE: Elk River Teacher's Discussion On Police Violence And Unrest Angers Some Parents
“Total sales increased 29 percent in Health Care, 9 percent in Consumer, and 6 percent in Safety and Industrial, while Transportation and Electronics declined 7 percent. Organic local-currency sales increased 11 percent in Health Care, 9 percent in Consumer, and 8 percent in Safety and Industrial, while Transportation and Electronics declined 6 percent,” the company reported.READ MORE: 'Unbelievable' Pandemic Furniture Demand Causing Extreme Delivery Delays
The news was greeted with a rise in 3M’s stock prices. They went up 1.5% in premarket trading, as reported by Barron’s, in what’s being taken as a good sign for the recovery of industrial markets.
3M has been in the news frequently during the coronavirus pandemic. Among the things the company manufactures are the much sought-after N95 masks, crucial PPE for health care workers on the front lines of the fight against COVID-19.MORE NEWS: Unnecessary Roughness? Former Gophers Claim Tough Practices Ended Football Careers
They’ve also had their hand in development of testing supplies.