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3M improves sales estimates due to demand for personal safety products in pandemic

Apr 27 (Reuters) – 3M Co beat Wall Street’s quarterly revenue estimates as people bought more personal safety products to protect themselves from potential coronavirus infections.

The company’s N95 masks, which provide a high level of protection against airborne contaminants, as well as their home improvement and general cleaning kits, have been in high demand as the world continues to fight the pandemic.

Sales at the company’s industrial and security unit jumped 13.7% to $ 3.3 billion in the quarter ended March 31.

Net profit attributable to 3M rose to $ 1.62 billion, or $ 2.77 per share, from $ 1.31 billion, or $ 2.25 per share, a year earlier.

Net sales improved 9.6% to $ 8.85 billion, beating average analyst expectations of $ 8.47 billion, according to Refinitiv data.

(Report by Sanjana Shivdas in Bengaluru; edited in Spanish by Carlos Serrano)

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