3M recently reported results for the second quarter of 2021 and updated its 2021 full-year outlook. Sales grew 24.7% year-on-year to $8.9 billion in the second quarter. Organic local-currency sales increased 21.4%, while divestitures decreased sales by 0.7%. Foreign currency translation increased sales by 4% compared to the 2020 second quarter.
Total sales grew 28.1% in Transportation and Electronics, 24.9% in Health Care, 22.4% in Safety and Industrial, and 20.4% in Consumer. Organic local-currency sales increased 24.2% in Transportation and Electronics, 23.2% in Health Care, 17.8% in Consumer, and 17.6% in Safety and Industrial.
On a geographic basis, total sales grew 28.7% in EMEA (Europe, Middle East and Africa), 26.1% in the Americas, and 20.2% in Asia Pacific. Organic local-currency sales grew 25.6% in the Americas, 20.1% in EMEA, and 15.4% in Asia Pacific.
“3M delivered strong performance in the second quarter, once again posting organic growth across all business groups and geographic areas, along with increased earnings and robust cash flow,” said Mike Roman, chairman and CEO. “In an uncertain economic environment, our team executed well and drove innovation across our businesses, while continuing to build for the future. Looking forward, we remain focused on investing in growth opportunities coming out of the pandemic, improving productivity, advancing sustainability and delivering differentiated value for our customers and shareholders.”
Based on a strong first half of the year, 3M updated its guidance for full-year 2021. The company expects reported total sales growth of 7-10%, with organic local-currency sales growth in the range of 6-9%. This compares to the company’s prior expectations for total sales growth of 5-8%, with organic local-currency growth of 3-6%.
Additional details are available at www.3m.com.