Like a handful of industrial manufacturers and distributors experiencing volatile sales results amid COVID-19 impacts, 3M shared its April sales figures on Thursday — an abnormal move for a company that typically doesn't break out monthly financials until its quarterly reports.
3M's April figures showed that while sales grew considerably in its health care segment amid massive demand for its respirators, it wasn't nearly enough to offset major declines in the company's other verticals.
St. Paul, MN-based 3M had total April sales of of $2.3 billion, down 11 percent year-over-year, with organic local-currency sales down 12 percent. Sales in 3M's Health Care segment grew 5 percent, while Consumer fell 5 percent, Safety and Industrial fell 11 percent and Transportation and Electronics sunk 20 percent. Organic sales fell 3 percent in Consumer, 7 percent in Safety and Industrial, 10 percent in Health Care and 18 percent in Transportation and Electronics.
Geographically, 3M's April sales fell 5 percent in Asia Pacific, 12 percent in EMEA and 13 percent in the Americas. Organically, sales fell 5 percent in Asia Pacific (including China up 7 percent and Japan down 7 percent), fell 12 percent in EMEA and fell 17 percent in the Americas (including down 15 percent in the US).
“April sales results were largely in line with month-to-date trends we discussed during our first quarter earnings call,” said Mike Roman, 3M chairman and CEO. “We remain focused on ensuring the health and safety of our employees, delivering for our customers and increasing production of much needed respirators as we fight this pandemic from all angles.”
"The COVID-19 pandemic continues to impact 3M’s businesses in several ways. 3M has continued to experience strong end-market demand specifically in personal safety, electronics (semiconductor and data center), general cleaning, food safety and biopharma filtration," the company added Thursday. "At the same time, several other end markets have experienced significant weakness due to factors including social distancing and shelter-in-place mandates. These end markets include oral care, automotive OEM and aftermarket, general industrial, commercial solutions, and stationery and office."