Industrial conglomerate 3M Co's quarterly profit surpassed expectations on Tuesday, boosted by higher demand for its N95 respirator masks during the ongoing coronavirus pandemic, sending its shares up as much as 6%.
) quarterly profit surpassed expectations on Tuesday, boosted by higher demand for its N95 respirator masks during the ongoing coronavirus pandemic, sending its shares up as much as 6%.
“We believe Q2 results will be especially challenged given the trends we have seen so far in April,” CEO Michael Roman said on a post-earnings call. Beginning May, 3M said it would begin reporting monthly sales information to provide transparency on its ongoing business performance as it navigates the pandemic.First-quarter sales rose 2.7% to $8.08 billion beating market expectations of $7.91 billion, according to IBES data from Refinitiv.
U.S. sales rose 10.1%, while Asia-Pacific sales fell 5.4%, and Europe, Middle East and Africa reported declines of 2.1%.
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