3M Safety & Industrial Sales Up 6% in August

Sales growth in the Safety & Industrial Unit was flat despite one fewer selling day year-over-year, indicating the market has steadied.

3 Ma
iStock

Manufacturing conglomerate 3M shared its sales results for the month of August on Tuesday, showing continued gains after a volatile April-June period.

The St. Paul, MN-based company had total August sales of $2.7 billion, up 2 percent year-over-year (YoY) despite one fewer selling day in August 2020 than a year earlier (which had a -5 percent impact). That's a repeat of July's 6 percent sales gain and compares with a 12.2 percent decline during the second quarter. August organic local currency sales (which includes organic voluem impacts and selling price changes) declined 2 percent, while acquisitions and currency impacts boosted sales by 3 percent and 1 percent, respectively.

3 MasgBy business unit in August:

  • Health Care sales increased 23 percent YoY, compared to a 29 percent increase in July and a 0.4 percent decline in Q2
  • Safety and Industrial sales increased 6 percent YoY, the same as August and compared to a 9.2 percent decline in Q2
  • Consumer sales increased 3 percent YoY, compared to a 9 percent gain in July and a 6.2 percent in Q2
  • Transportation and Electronics sales declined 11 percent YoY, compared to a 7 percent decline in July and a 6 percent decline in Q2

On a geographic YoY basis in August:

  • Americas total sales increased 4 percent, compared to a 10 percent increase in July and a 12.7 percent decline in Q2. Organic sales were flat (up 1 percent in US), compared to up 6 percent in July (up 8 percent in US).
  • Asia Pacific sales were down 2 percent, compared to flat in July and down 8.5 percent in Q2. Organic sales were down 5 percent (China up 6 percent, Japan down 15 percent), compared to down 1 percent in July.
  • EMEA sales increased 7 percent, compared to a 3 percent increase in July and a 16.4 percent decline in Q2. Organic sales were flat, same as in July.

"While significant global economic uncertainty remains due to the COVID-19 pandemic, the company estimates, with one month left in the quarter, its sales to be in the range of $8.2 to $8.3 billion for the third-quarter," 3M said Tuesday. "Given the current economic uncertainty, 3M will continue its monthly reporting of sales information through the end of the year to provide transparency on its ongoing business performance."

More in Earnings