US Markets
MMM

3M profit beats estimates on healthcare product boost

Credit: REUTERS/© Mike Blake / Reuters

U.S. industrial conglomerate 3M Co topped Wall Street estimates for quarterly profit on Tuesday, as the COVID-19 pandemic boosted demand for its healthcare equipment.

Adds details on healthcare unit sales, compares with estimates

Oct 27 (Reuters) - U.S. industrial conglomerate 3M Co MMM.N 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.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Shinjini Ganguli)

((SanjanaSitara.Shivdas@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 1642; Twitter: @SanjanaShivdas;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

MMM

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More