3M Announces Second Quarter Financial Results | Financial Buzz

3M Announces Second Quarter Financial Results

3M (NYSE: MMM) announces second quarter financial results.  The company reported sales of USD 7.2 Billion, a 12.2% fall year on year.  GAAP Earnings Per Share reached USD 2.22.  Operating cash flow amounted to USD 1.9 Billion, a 15% rise year on year. 

“While our results were significantly impacted by the global economic slowdown, we executed well, managed our costs and delivered another quarter of robust cash flow,” said Mike Roman, 3M chairman and chief executive officer. “We are taking actions to navigate near-term challenges, while relentlessly innovating for our customers and investing for the future to lead out of the slowdown and continue to deliver long-term value for our shareholders.

“Globally across 3M, we continue to fight the pandemic from all angles and help ensure the safety of our employees, healthcare workers and first-responders, and the public,” Roman continued. “I remain incredibly proud of how our team is leading through these unprecedented times, and I thank all 3Mers for their tireless efforts.”

In the healthcare segment, sales totaled USD 1.8 Billion as the healthcare segment’s operating income reached USD 287 Million. 

Due to the coronavirus pandemic & uncertainty revolving around it, guidance remains withdrawn.  3M will continue to report monthly sales information.