3M boosts second quarter sales

3M has reported fiscal-second-quarter sales of US$8.9 billion, up 24.7 per cent year-on-year.

Sales grew 24.7 per cent year-on-year to $8.9 billion. Organic local-currency sales increased 21.4 per cent while divestitures decreased sales by 0.7 percent.

Sales in the company’s health care division increased 24.9 per cent to $2.3 billion and its consumer division saw a 20.4 per cent lift in sales to $1.5 billion.

3M’s safety and industrial division reported sales of $3.3 billion, a jump of 22.4 per cent while sales in the company’s transportation and electronics division climbed 28.1 per cent to $2.5 billion.

On a geographic basis, total sales grew 28.7 per cent in EMEA (Europe, Middle East and Africa), 26.1 per cent in the Americas, and 20.2 per cent in Asia Pacific.

Organic local-currency sales grew 25.6 per cent in the Americas, 20.1 per cent in EMEA, and 15.4 per cent in Asia Pacific.

Mike Roman, 3M chairman and CEO, said 3M delivered strong performance in the second quarter, once again posting organic growth across all business groups and geographic areas, along with increased earnings and robust cash flow.

“In an uncertain economic environment, our team executed well and drove innovation across our businesses, while continuing to build for the future. Looking forward, we remain focused on investing in growth opportunities coming out of the pandemic, improving productivity, advancing sustainability and delivering differentiated value for our customers and shareholders,” said Roman. 

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