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3M Reports May 2020 Sales Information

Sales of $2.2 billion, down 20% year-on-year.

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By: Anthony Locicero

Copy editor, New York Post

3M reported sales information for the month of May 2020.
 
Total sales for May declined 20% year-on-year to $2.2 billion. 
 
Organic local-currency sales (which includes organic volume impacts and selling price changes) declined 21% while acquisitions, net of divestitures, increased sales by 2%. Foreign currency translation reduced sales by 1% year-on-year.
 
Total sales declined 11% in Health Care, 12% in Consumer, 17% in Safety and Industrial, and 30% in Transportation and Electronics. Organic local-currency sales declined 11% in Consumer, 15% in Safety and Industrial, 22% in Health Care, and 28% in Transportation and Electronics.
 
On a geographic basis, total sales declined 15% in Asia Pacific, 21% in the Americas, and 26% in EMEA (Europe, Middle East and Africa). Organic local-currency sales declined 15% in Asia Pacific (including China down 6% and Japan down 18%), the Americas declined 24% (including the U.S. down 22%), and EMEA declined 25%.
 
The above sales information for May 2020 was impacted by two fewer business days – 20 days this year versus 22 days last year – or a -9% year-on-year impact. The company will have two additional business days in June 2020 versus June 2019. As a result, there will be no year-on-year business day impact for the second quarter.
 
3M will host its second-quarter 2020 earnings conference call on Tuesday, July 28, 2020, at 8 a.m. CDT.

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