3M recently posted its financial results for the fourth quarter and full-year 2020. The company reports that sales in the fourth quarter grew 5.8% year-on-year to $8.6 billion. Organic local-currency sales increased 5.5%, while acquisitions (net of divestitures) decreased sales by 1.1%. Foreign currency translation increased sales by 1.4% compared to the 2019 fourth quarter.
3M reports its sales grew 0.1% in the year 2020, compared to 2019, to $32.2 billion. Organic local-currency sales decreased 1.7%, while acquisitions (net of divestitures) increased sales by 2.1% percent. Foreign currency translation decreased sales by 0.3% year-on-year.
"The 3M team delivered a strong fourth quarter with organic growth across all business groups, robust cash flow and a double-digit increase in earnings per share," said Mike Roman, 3M chairman and CEO. "In an uncertain economic environment, we stayed focused on innovating for our customers, improving our operational execution and fighting the pandemic from every angle.
"Throughout 2020 we distributed two billion respirators globally and supported the development and manufacturing of vaccines and therapeutics to help the world respond to COVID-19. We also took significant actions to transform and build 3M for the future, while advancing our core values. Moving forward we will continue to prioritize investments in growth, productivity and sustainability as we build on our progress and deliver strong results in 2021."
3M reports that throughout 2020 the COVID-19 pandemic impacted its end markets and business operations. During the year, the company saw strong end-market demand in personal safety, home improvement, general cleaning, semiconductor, data center, and biopharma filtration. At the same time, other end markets experienced year-on-year declines primarily driven by COVID-19-related headwinds, including healthcare and oral care elective procedures, industrial, consumer electronics, hospitality, office supplies, and healthcare IT.
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