3M Reports 2.7% Increase in Sales for 2020 First Quarter
Sales growth in 3M’s Health Care and Consumer segments offset declines in the company’s Transportation and Electronics segment.
3M recently reported sales of $8.1 billion in the 2020 first quarter, a 2.7% increase compared to the first quarter of 2019. Organic local currency sales grew 0.3%, while acquisitions, net of divestitures, increased sales by 4.2%. Foreign currency translation reduced sales by 1.8% compared to the 2019 first quarter.
Total sales grew 21% in Health Care and 4.6% in Consumer, with declines of 1% in Safety and Industrial and 5% in Transportation and Electronics. Organic local currency sales increased 6.1% in Consumer, 2.2% in Safety and Industrial, and 1.2% in Health Care, with a decline of 3% in Transportation and Electronics.