3M profit beats estimates on healthcare product boost
Reuters
Published Oct 27, 2020 06:53AM ET
(Reuters) - U.S. industrial conglomerate 3M Co (N:MMM) topped Wall Street estimates for quarterly profit on Tuesday, as the COVID-19 pandemic boosted demand for its healthcare equipment.
Last quarter, 3M suffered a pandemic-driven plunge in sales as demand for office supplies dropped, with more people working from home.
Sales in its healthcare unit rose 25.5% to $2.2 billion, boosted by demand for protective equipment to fight the spread of the virus.
Net income attributable to the company fell to $1.41 billion, or $2.43 per share, in the third quarter ended Sept. 30, from $1.58 billion, or $2.72 per share, a year earlier.
Net sales rose to $8.35 billion from $7.99 billion.
Analysts on average expected quarterly earnings of $2.26 per share, according to Refinitiv data.
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Written By: Reuters
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