3M's quarterly profit surged as the industrial conglomerate doubled production of its N95 respiratory masks amid the pandemic.
Fred Katayama reports
Protective mask sales lift 3M profit
A surging global demand for N95 respiratory masks boosted 3M’s quarterly profit as the world’s largest mask-maker doubled production of the N95s.
3M also found itself at the center of a battle over supplies for medical workers.
Under White House pressure, 3M reached a deal to import more than 166 million N95 respirators to the U.S. from China.
The N95s filter 95% of airborne particles.
But the outbreak triggered sheltering-in-place and social-distancing orders worldwide, and that hammered its other industrial businesses.
3M makes everything from Post-It notes and Scotch tape for consumers to microscopic glass bubbles for oil drillers.
Revenue fell at every unit except healthcare and consumer.
Still, net sales rose, and profit shot up 45% to easily beat Wall Street's estimates.
Investors drove the company's shares higher in early trading Tuesday.
3M withdrew its outlook for the full year, citing the uncertainty surrounding the pandemic.