3M profit beats estimates on healthcare product boost

In this news, we discuss the 3M profit beats estimates on healthcare product boost.

(Reuters) – U.S. industrial conglomerate 3M Co MMM.N surpassed Wall Street estimates for quarterly profit on Tuesday, as the COVID-19 pandemic boosted demand for its healthcare equipment.

3M suffered a drop in sales last quarter due to a pandemic as demand for office supplies fell, with more people working from home.

Sales of its healthcare unit rose 25.5% to $ 2.2 billion, boosted by demand for protective gear to combat 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 increased from $ 7.99 billion to $ 8.35 billion.

Analysts on average were forecasting quarterly earnings of $ 2.26 per share, according to data from Refinitiv.

Report by Sanjana Shivdas in Bengaluru; Edited by Shinjini Ganguli

Original © Thomson Reuters

Originally posted 2020-10-27 03:56:09.

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