3M’s adjusted earnings fell 16.4% in the second quarter of 2020 compared with the same period last year, with adjusted earnings of $1.78 per share.
Non-adjusted earnings showed a 15.6% increase with earnings of $1.29 billion, or $2.22 per share.
The company’s sales fell to $7.2 billion in the second quarter, a 12.2% decline compared with the second quarter of 2019.
“While our results were significantly impacted by the global economic slowdown, we executed well, managed our costs and delivered another quarter of robust cash flow,” stated Mike Roman, 3M chairman and CEO. “We are taking actions to navigate near-term challenges, while relentlessly innovating for our customers and investing for the future to lead out of the slowdown and continue to deliver long-term value for our shareholders.”
Sales in 3M’s safety and industrial segment, which includes abrasives and industrial adhesives, dropped 9.2%.
The company has made national headlines this year as one of the learning manufacturers of PPE during the COVID-19 pandemic. Since the outbreak, it has filed 18 lawsuits to combat fraud and price gouging of its products.