3M Gives a Sneak Peek at the Coronavirus Economy
Given the extent of the COVID-19 pandemic's effect on the economy, it's hardly surprising that many companies have withdrawn their full-year guidance. However, multi-industry industrial giant 3M (NYSE: MMM) elected to give monthly sales updates. As such, investors are going to be able to track a slow-motion car crash of an economy through the second quarter, and then hopefully a recovery gaining momentum through the third quarter. Let's make a start by looking at the April numbers and what they say about the economy.
It might challenge credulity to say anything positive about a year-over-year organic sales decline of 12%, but here goes anyway. It could have been worse! After all, when 3M gave its first-quarter earnings on April 28, CEO Mike Roman noted during the earnings call that organic growth was down "in the mid-teens" through late April.
3M's broad industry exposure gives a great read on the economy. Image source: Getty Images.
Source Fool.com
