3M Co. (MMM) Reports May Sales of $2.2 Billion, Down 20%

3M (NYSE: MMM) today reported sales information for the month of May 2020.

Total sales for May declined 20 percent year-on-year to $2.2 billion. Organic local-currency sales (which includes organic volume impacts and selling price changes) declined 21 percent while acquisitions, net of divestitures, increased sales by 2 percent. Foreign currency translation reduced sales by 1 percent year-on-year.

Total sales declined 11 percent in Health Care, 12 percent in Consumer, 17 percent in Safety and Industrial, and 30 percent in Transportation and Electronics. Organic local-currency sales declined 11 percent in Consumer, 15 percent in Safety and Industrial, 22 percent in Health Care, and 28 percent in Transportation and Electronics.

On a geographic basis, total sales declined 15 percent in Asia Pacific, 21 percent in the Americas, and 26 percent in EMEA (Europe, Middle East and Africa). Organic local-currency sales declined 15 percent in Asia Pacific (including China down 6 percent and Japan down 18 percent), the Americas declined 24 percent (including the U.S. down 22 percent), and EMEA declined 25 percent.

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 minus 9 percent 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. The event will be webcast live, and a replay will be available on 3M’s Investor Relations website at http://investors.3M.com.

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