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EARNINGS-3M posts 12% fall in revenue as coronavirus crisis hammers demand

Credit: REUTERS/© Mike Blake / Reuters

Industrial conglomerate 3M Co reported a 12% drop in quarterly revenue on Tuesday as demand for its products took a hit due to the global economic slowdown caused by the coronavirus crisis.

July 28 (Reuters) - Industrial conglomerate 3M Co MMM.N reported a 12% drop in quarterly revenue on Tuesday as demand for its products took a hit due to the global economic slowdown caused by the coronavirus crisis.

Net sales fell to $7.2 billion from $8.2 billion.

But net income attributable rose to $1.29 billion, or $2.22 per share, in the second quarter ended June 30, from $1.13 billion, or $1.92 per share, a year earlier.

On an adjusted basis, the maker of Post-it notes and Scotch tape earned $1.78 per share in the quarter.

(Reporting by Rachit Vats in Bengaluru; Editing by Aditya Soni)

((Rachit.Vats@tr.com; within U.S. +1 646 223 8780, outside U.S. +91 80 61822828; Reuters Messaging: rachit.vats.thomsonreuters.com@reuters.net))

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