3M profit rises 17% as business recovers from pandemic hit

RSS NEWS Uncategorized

This Post was originally published here: Source Link

FILE PHOTO: FILE PHOTO: The 3M Global Headquarters in Maplewood, Minnesota
FILE PHOTO: The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. REUTERS/Nicholas Pfosi

July 27, 2021

(Reuters) – 3M Co, which makes N95 face masks and Scotch-Brite home care products, reported a 16.7% rise in quarterly profit on Tuesday, helped by a rebound in several of its key end markets as economies recover from the impact of the COVID-19 pandemic.

Net income attributable to 3M rose to $1.52 billion, or $2.59 per share, in the second quarter ended June 30, from $1.30 billion, or $2.25 per share, a year earlier.

Net sales rose about 25% to $8.9 billion.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur)