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3M has better-than-expected earnings amid the coronavirus pandemic. Here’s why

How 3M had better first quarter results than expected

By Herb Scribner Herb Scribnerhscribner@deseretnews.com
SHARE 3M has better-than-expected earnings amid the coronavirus pandemic. Here’s why
FILE- In this Oct. 24, 2017, file photo, the logo for 3M appears on a screen above the trading floor of the New York Stock Exchange. A profound slump in manufacturing and a trade war that has slowed economic growth in China has led to a second round of layoffs at 3M, the Minnesota company that, in addition to Post-it notes, makes industrial coatings and ceramics. (AP Photo/Richard Drew, File)

In this Oct. 24, 2017, file photo, the logo for 3M appears on a screen above the trading floor of the New York Stock Exchange. 3M had better-than-expected earnings results in the first quarter, one insider reports.

Richard Drew, Associated Press

The industrial company 3M had better-than-expected earnings results in the first quarter, Barron’s reports.

  • The company builds N95 masks, among other personal protection equipment.

What’s the news:

  • 3M — a health care and personal safety equipment company — saw a 3.4% uptick in its stock. The company’s stock has dropped each of the last four times it has reported any quarterly results, though, according to Barron’s.
  • Wall Street analysts expected the company to earn $2.03 per-share earnings and $7.9 in sales. But 3M reported $8.1 billion in sales with $2.16 per share.
  • CEO Mike Roman said: “In this unprecedented time, I could not be more proud of how our 96,000 people have stepped up to help fight COVID-19. Given the breadth and diversity of our businesses, the financial impact of COVID-19 is varying across 3M.”

More numbers from 3M

  • According to CNBC, 3M has released more than 100 million respirators per month since the start of 2020, which is more than double its normal amount. The company looks to double that number again to help combat the coronavirus pandemic.
  • The high numbers might not tell the entire story. According to CNBC, “it’s difficult to compare reported earnings to analyst estimates for 3M’s first quarter as the impact of the coronavirus is tricky to model precisely in financial forecasts.”