Strong N95 Respirator Demand Couldn't Drive May 3M Sales Higher
Industrial conglomerate 3M (NYSE: MMM) reported May monthly sales results today, saying that overall sales dropped 20% versus last year. Positive impacts from demand in personal safety items couldn't overcome the negative effects brought by the COVID-19 pandemic in its other areas of business.
Two fewer business days versus the year ago period equated to a 9% impact, but the safety and industrial segment saw a decline of 17% despite continued strong demand for N95 respirators. Each of the company's four segments experienced sales drops ranging from 11% in healthcare to 30% in transportation and electronics.
Source Fool.com