3M's sales grew 3% in October to $2.9 billion, buoyed by its health care and consumer sectors.
3M monthly sales grew, but not at rate seen over summer
Consumers were spending more on household items and home improvement.
November 14, 2020 at 1:41AM
However, the Maplewood-based company's sales growth in October fell shy of the 4.6 % year-over-year increase during the third quarter, the company said Friday.
Organic sales — which factors out effects of recent acquisitions and divestitures as well as currency fluctuations — grew 2% year over year. Organic sales rose 8% in both 3M's health care and consumer divisions.
Due to COVID-19, demand exceeds supply for 3M's N95 respirators, the gold standard for health care workers. Meanwhile, consumers have stepped up spending this year on household items, both for cleaning and home improvement — trends also rooted in the pandemic. Organic sales in 3M's safety and industrial unit rose 4% in October, which is consistent with national reports on factory activity.
But they fell 4% in the transportation and electronics unit. Pandemic-driven economic weakness in the global auto and personal electronics industries have hurt 3M this year. Geographically, 3M's organic sales grew 2% in the Americas (including 3% in the U.S.) and 1% in both Asia and Europe and the Middle East.
3M began releasing monthly sales snapshots earlier this year after the pandemic caused economic downturns around the world. The company's shares ended Friday at $169.79, up 1.6%.
Mike Hughlett • 612-673-7003
While the state posted overall job growth for the third consecutive month, the Department of Employment and Economic Development plans to host in-person and virtual factory tours to spark interest in the industry during October’s Manufacturing Month.
