3M (St. Paul, Minn.) reported a net income of $1.62 billion in the first quarter of 2021, a 24.2% surge compared with the same period last year.
3M (St. Paul, Minn.) reported a net income of $1.62 billion in the first quarter of 2021, a 24.2% surge compared with the same period last year.
Net sales grew 9.6% to $8.85 billion. Sales of 3M’s N95 masks increased $190 million from a year earlier, according to Bloomberg. Despite the increases, the company warned of a raw materials and logistics charge of between 30 and 50 cents per share in 2021 due to supply chain disruptions caused by the pandemic, Reuters reports.
"The first quarter was highlighted by broad-based organic growth, robust cash flow and a double-digit increase in earnings per share," stated Mike Roman, 3M chairman and CEO. “While uncertainty related to COVID-19 remains, we will stay focused on driving growth.”
Sales in 3M’s Safety and Industrial segment, which includes personal safety products and abrasives, increased 13.7% to $3.3 billion.
The full 3M report can be found here.