3M Profits Increased 17.8% in 2020

3M’s (St. Paul, Minn.) net income increased 17.8% in 2020 to $5.38 billion compared with 2019’s $4.57 billion, according to its year-end report. Overall sales in 2020 inched upward 0.1% to $32.2 billion.

For the fourth quarter of 2020, the company’s net income surged 43% to $1.3 billion, with sales increasing 5.8% to $8.6 billion during the quarter.

"Throughout 2020 we distributed two billion respirators globally and supported the development and manufacturing of vaccines and therapeutics to help the world respond to COVID-19," 3M Chairman and CEO Mike Roman said in a statement. "In an uncertain economic environment, we stayed focused on innovating for our customers, improving our operational execution and fighting the pandemic from every angle."

The company’s safety and industrial segment, which includes N95 masks and abrasives, had a 12.7% surge in sales during the fourth quarter, growing to $3.1 billion.

The full report can be found here.