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Jan 25 (Reuters) – 3M Co (MMM.N) claimed much better-than-predicted quarterly earnings and gain on Tuesday, as need for its property enhancement and own security items aided offset decrease product sales in the transportation and electronics device, which is suffering from supply chain snarls.
Shares of the diversified maker rose 2% ahead of the bell.
The enterprise, the biggest maker of N95 face masks in the United States, mentioned the highly infectious Omicron variant of COVID-19 was driving an maximize in in the vicinity of-time period demand for its disposable respirators.
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3M also benefited from men and women confining them selves to house and buying more bandages and cleaning goods, as the Omicron variant rages as a result of the United States.
Nevertheless, the Saint Paul, Minnesota-primarily based firm’s two major units, transportation & electronics and safety & industrial, saw a 1.5% and 2.2% drop in income.
Net income attributable to 3M fell to $1.34 billion, or $2.31 for every share, in the fourth quarter ended Dec. 31, from $1.41 billion, or $2.41 per share, a 12 months before.
Analysts on average had anticipated a profit of $2.02 for each share, according to Refinitiv details.
Internet revenue edged .3% larger to $8.61 billion, beating estimates of $8.55 billion.
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Reporting by Aishwarya Nair in Bengaluru Enhancing by Maju Samuel
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