3M Aug. Total Sales Up 2%; Guides Q3 Revenues Above Estimates - Quick Facts

(RTTNews) - 3M Co. (MMM) reported Tuesday that total sales for the month of August 2020 grew 2 percent year-on-year to $2.7 billion.

However, organic local-currency sales, which include organic volume impacts and selling price changes, declined 2 percent while acquisitions, net of divestitures, increased sales by 3 percent. Foreign currency translation increased sales by 1 percent year-on-year.

Total sales grew 23 percent in Health Care, 6 percent in Safety and Industrial, and 3 percent in Consumer, while Transportation and Electronics sales declined 11 percent.

On a geographic basis, total sales increased 7 percent in EMEA (Europe, Middle East and Africa), and 4 percent in the Americas, while Asia Pacific declined 2 percent.

While significant global economic uncertainty remains due to the COVID-19 pandemic, the company estimates, with one month left in the quarter, its sales to be in the range of $8.2 to $8.3 billion for the third-quarter.

On average, analysts polled by Thomson Reuters expect the company to report revenues of $8.01 billion for the third quarter.

Given the current economic uncertainty, 3M will continue its monthly reporting of sales information through the end of the year to provide transparency on its ongoing business performance.