3M Co. (MMM) says total sales for April declined 11 percent

3M (NYSE: MMM) today reported sales information for the month of April 2020. The company withdrew its full-year 2020 outlook on April 28, 2020, due to the uncertain impact of the COVID-19 pandemic, and committed to provide monthly updates until it is better able to forecast future performance.

Total sales for April declined 11 percent year-on-year to $2.3 billion. Organic local-currency sales (which includes organic volume impacts and selling price changes) declined 12 percent while acquisitions, net of divestitures, increased sales by 3 percent. Foreign currency translation reduced sales by 2 percent year-on-year.

“April sales results were largely in line with month-to-date trends we discussed during our first quarter earnings call,” said Mike Roman, 3M chairman and chief executive officer. “We remain focused on ensuring the health and safety of our employees, delivering for our customers and increasing production of much needed respirators as we fight this pandemic from all angles.”

Total sales grew 5 percent in Health Care, with declines of 5 percent in Consumer, 11 percent in Safety and Industrial, and 20 percent in Transportation and Electronics. Organic local-currency sales declined 3 percent in Consumer, 7 percent in Safety and Industrial, 10 percent in Health Care, and 18 percent in Transportation and Electronics.

The COVID-19 pandemic continues to impact 3M’s businesses in several ways. 3M has continued to experience strong end-market demand specifically in personal safety, electronics (semiconductor and data center), general cleaning, food safety and biopharma filtration. At the same time, several other end markets have experienced significant weakness due to factors including social distancing and shelter-in-place mandates. These end markets include oral care, automotive OEM and aftermarket, general industrial, commercial solutions, and stationery and office.

On a geographic basis, total sales declined 5 percent in Asia Pacific, 12 percent in EMEA (Europe, Middle East and Africa), and 13 percent in the Americas. Organic local-currency sales declined 5 percent in Asia Pacific (including China up 7 percent and Japan down 5 percent), EMEA declined 12 percent, and the Americas declined 17 percent (including the U.S. down 15 percent).

3M is participating virtually in the Goldman Sachs Industrials Conference today. Nick Gangestad, senior vice president and chief financial officer, will speak at 8 a.m. EDT. 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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