3M’s sales grew 8% in November — an acceleration over the previous month.
Organic local-currency sales, which adjust for swings in volume and price changes, rose 7 % in November over a year ago, while divestitures decreased revenue by 1 %, 3M said Monday. Foreign currency swings added 2 % to sales growth.
Maplewood-based 3M has been releasing monthly sales figures this year due to the economic uncertainty caused by COVID-19. In November, the grew by $2.9 billion.
The company said in a press statement that while “significant macroeconomic uncertainty remains,” it expects sales to be in the range of $8.2 billion to $8.4 billion for the fourth quarter.
In the fourth quarter of 2019, the copany had sales of $8.1 billion.
November organic sales rose 15 % in 3M’s consumer business over a year ago; 14 % in safety and industrial; 5 % in health care; and 1 % in transportation and electronics. The increase in transportation in electronics appears to mark the first sales growth in that sector in several months.
Geographically, 3M’s organic sales grew 11% in the Americas (13% in the U.S. alone) and 7% in Europe, the Middle East and Arica. Sales were flat in Asia, rising 13% in China, but falling 5% in Japan.
3M’s stock was up nearly 1% in Monday morning trading.
Mike Hughlett • 612-673-7003