3M announces an increase in revenues in Q3
The company´s sales are likely to exceed expectations.
3M (NYSE: MMM) reported August sales growth of 2% year-over-year to $ 2.7 billion, led by a 23% increase in healthcare. Organic sales in local currencies decreased 2%, while acquisitions, adjusted for divestments and currency translation, increased sales by 3% and 1%, respectively, year-on-year. Total security and industrial sales increased 6% and consumer sales increased 3%, while transportation and electronics sales decreased 11%. Geographically, sales in EMEA increased 7%, North and South America increased 4%, while Asia Pacific sales decreased 2%. Sales in organic local currency were unchanged in both the Americas and EMEA, while sales in the Asia-Pacific region decreased 5%. The company estimates third quarter revenue at $ 8.2B- $ 8.3B versus a consensus of $ 8.11B. Stocks rise 1.3% ahead of the market. Q2 2020 looks like the bottom for 3M, and Q3 is likely to be better due to the reopening of businesses.