3M COMPANY

(MMM)
  Report
Delayed Nyse  -  05/27 04:04:47 pm EDT
149.51 USD   +1.68%
05/26One million trees worth of smog-fighting capacity has been installed on roofs using Malarkey Roofing Products shingles with 3M Smog-reducing Granules
AQ
05/243M Healthcare Business Group President Mojdeh Poul to Retire
DJ
05/243M CO : Change in Directors or Principal Officers (form 8-K)
AQ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

3M profit beats as N95 mask demand surges due to Omicron

01/25/2022 | 12:59pm EDT
FILE PHOTO: The logo of Down Jones Industrial Average stock market index listed company 3M

(Reuters) -3M Co said on Tuesday demand for its N95 respirators had picked up due to a surge in Omicron-related COVID-19 cases, while reporting better-than-expected quarterly profit as more people purchased its air filters and Scotch-branded products.

In December, the United States reported record high COVID-19 cases and hospitalisation rates caused by the more transmissible Omicron variant that spurred demand for 3M's respirators.

However, the company, which is the biggest maker of N95 respirators in the United States, anticipates that the demand will wane in 2022. It reported a 4% fall in its respirator sales for 2021.

The Dow Industrial Average component reported upbeat fourth-quarter profit and revenue on the back of strong demand for its home improvement and personal safety products.

The company's iconic Post-it-branded products also saw a surge in sales despite workplace reopenings being pushed back due to the resurgence of COVID-19 cases.

The Saint Paul, Minnesota-based company continues to navigate supply chain disruptions, raw material and logistics cost inflation and a semiconductor shortage.

"We think macro-related headwinds plus the spread of Omicron somewhat increases near-term growth/earnings volatility for the company," Citi analyst Andrew Kaplowitz said.

3M further pushed its prices high to combat the costs and inflationary pressures. "Our selling price actions continue to gain traction as we went through the quarter," Chief Financial Officer Monish Patolawala said on a call with analysts.

3M's transportation & electronics and safety & industrial units saw 1.5% and 2.2% declines in sales.

Net income attributable to 3M fell to $1.34 billion, or $2.31 per share, in the fourth quarter ended Dec. 31, from $1.41 billion, or $2.41 per share, a year earlier.

Analysts on average had expected a profit of $2.02 per share, according to Refinitiv data.

Net sales edged 0.3% higher to $8.61 billion, beating estimates of $8.55 billion.

(Reporting by Aishwarya Nair in Bengaluru; Editing by Maju Samuel)

By Aishwarya Nair


© Reuters 2022
All news about 3M COMPANY
05/26One million trees worth of smog-fighting capacity has been installed on roofs using Mal..
AQ
05/243M Healthcare Business Group President Mojdeh Poul to Retire
DJ
05/243M CO : Change in Directors or Principal Officers (form 8-K)
AQ
05/243M Company Announces Executive Changes
CI
05/233M Announces Upcoming Investor Event
PR
05/22US Court Orders 3M To Pay $78 Million In Defective Earplugs Case
MT
05/20Jury Orders 3M to Pay Veteran $77.5 Mln in Earplug Case
MT
05/193M COMPANY : Ex-dividend day for
FA
05/18INSIDER SELL : 3m
MT
05/173M earns RBR50 Innovation Award for the 3M Finesse-it Robotic Paint Repair System
AQ
More news
Analyst Recommendations on 3M COMPANY
More recommendations
Financials (USD)
Sales 2022 35 949 M - -
Net income 2022 5 755 M - -
Net Debt 2022 11 927 M - -
P/E ratio 2022 14,9x
Yield 2022 3,99%
Capitalization 85 080 M 85 080 M -
EV / Sales 2022 2,70x
EV / Sales 2023 2,54x
Nbr of Employees 95 000
Free-Float 60,2%
Chart 3M COMPANY
Duration : Period :
3M Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends 3M COMPANY
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Last Close Price 149,51 $
Average target price 161,17 $
Spread / Average Target 7,80%
EPS Revisions
Managers and Directors
Michael F. Roman Chairman & Chief Executive Officer
Monish Patolawala EVP, Chief Financial & Transformation Officer
John Patrick Banovetz Director-Industrial Adhesives & Tapes Division
Mark W. Murphy Executive VP, Chief Information & Digital Officer
Michael A. Duran Senior VP, Chief Ethics & Compliance Officer
Sector and Competitors
1st jan.Capi. (M$)
3M COMPANY-15.83%83 674
HITACHI, LTD.-2.33%6 382 791
BERKSHIRE HATHAWAY INC.4.03%689 506
HONEYWELL INTERNATIONAL INC.-7.39%131 450
SIEMENS AG-22.37%101 521
GENERAL ELECTRIC COMPANY-18.48%84 762