3M Reports Sales Up 6% Year Over Year, Stocks Go Up
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.
"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.
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.
They've also had their hand in development of testing supplies.
