3M FY20 Outlook Remains Withdrawn; Sees Sales Improvements Beginning In Q3

(RTTNews) - While reporting financial results for the second quarter on Tuesday, 3M Co. (MMM) said its guidance for the full-year 2020 remains withdrawn as it is not able to estimate the full duration, magnitude and pace of recovery across its diverse end markets with reasonable accuracy, due to the continued evolving and uncertain impact of the COVID-19 pandemic.

The company had withdrawn its fiscal 2020 outlook in late April, due to COVID-19 impact and end-market uncertainty.

The company said it is now seeing broad-based sales improvements across businesses and geographies to start the third quarter. With one week left in July, total company sales are currently up low-single digits year-on-year.

3M will maintain its monthly reporting of sales information during the third-quarter to provide transparency on its ongoing business performance.