3M revenue beats on demand for dwelling enchancment, private security merchandise

(Reuters) -3M Co reported better-than-expected quarterly income and revenue on Tuesday, as demand for its dwelling enchancment and private security merchandise helped offset decrease gross sales within the transportation and electronics unit, which is affected by provide chain snarls.

FILE PHOTO: The logo of Down Jones Industrial Average stock market index listed company 3M

© Reuters/Mike Blake
FILE PHOTO: The brand of Down Jones Industrial Common inventory market index listed firm 3M

Shares of the diversified producer rose 2% earlier than the bell.

The corporate, the largest maker of N95 face masks in the US, mentioned the extremely infectious Omicron variant of COVID-19 was driving a rise in near-term demand for its disposable respirators.

3M additionally benefited from folks confining themselves to dwelling and ordering extra bandages and cleansing merchandise, because the Omicron variant rages by means of the US.

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Nonetheless, the Saint Paul, Minnesota-based firm’s two largest models, transportation & electronics and security & industrial, noticed a 1.5% and a couple of.2% decline in gross sales.

Web earnings attributable to 3M fell to $1.34 billion, or $2.31 per share, within the fourth quarter ended Dec. 31, from $1.41 billion, or $2.41 per share, a 12 months earlier.

Analysts on common had anticipated a revenue of $2.02 per share, in line with Refinitiv knowledge.

Web gross sales edged 0.3% larger to $8.61 billion, beating estimates of $8.55 billion.

(Reporting by Aishwarya Nair in Bengaluru; Enhancing by Maju Samuel)

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