3M's sales in July rose from over a year ago, turning a corner after double-digit declines the previous three months caused by the effects of the coronavirus pandemic.
3M sales turn a corner in July
August 13, 2020 at 11:28PM
Maplewood-based 3M on Thursday posted total sales of $2.8 billion last month, a rise of 6% over July 2019. Sales increased in all of its business sectors, except transportation and electronics, which fell 7% as troubles continued in the global auto industry.
Total sales increased 29% in 3M's health care business; 9% in its consumer division; and 6% in its safety and industrial business.
3M indicated in its second-quarter earnings call in late July that sales had started to perk up in the third quarter.
During the second quarter, the company was shellacked by the coronavirus-induced global economic downturn, its sales falling 12% and profits declining 16% over a year earlier.
3M's stock closed Thursday at $165.86, up $1.60.
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