3M’s sales in July rose over a year ago, turning a corner after double-digit declines the previous three months caused by the effects of the coronavirus pandemic.
Maplewood-based 3M Thursday posted total sales of $2.8 billion last month, up 6% over July 2019. Sales increased in all of its business sectors, except transportation and electronics, which fell 7% as troubles continued in the global auto industry.
Total sales increased 29% in 3M’s health care business; 9% in its consumer division; and 6% in its safety and industrial business.
3M indicated in its second quarter earnings call in late July that sales had started to perk up in the third quarter.
During the second quarter, the company was shellacked by the coronavirus-induced global economic downturn, its sales falling 12% and profits declining 16% over a year earlier.
In July, 3M’s revenue also improved broadly on a geographic basis. Total sales increased 10% in the Americas; 3% in Europe, the Middle East and Africa; and were flat in Asia Pacific.
3M’s stock was up 1.5% in Thursday morning trading.