3M reported a net income of $1.3 billion in the first quarter of 2020, a 45% increase from the $893 million earned during the same period last year.
Overall sales for the company during the quarter grew 2.7% year-over-year to $8.1 billion.
In its Safety and Industrial segment, sales dropped 1.0% to $2.9 billion; although sales increased in personal safety products, sales of abrasives declined, the company said.
As a manufacturer of N95 masks and other PPE, 3M has gotten worldwide attention during the COVID-19 crisis.
“In this unprecedented time, I could not be more proud of how our 96,000 people have stepped up to help fight COVID-19, and I thank all 3Mers for their incredible efforts,” Chairman and CEO Mike Roman said in a statement. “We are attacking the pandemic from all angles, which includes mobilizing all of our resources and rapidly increasing output of critical supplies to healthcare workers and first responders.”
Roman said the financial impact of COVID-19 has varied across its different business segments. While sales in personal safety products grew, other markets have experienced weak demand.
“Looking ahead, 3M is taking action that will help us navigate near-term uncertainty, generate strong cash flow, and lead out of the slowdown by delivering for employees, customers and shareholders,” Roman said.
The full 3M financial report can be found here.
