By Dave Sebastian

 

3M Co. said its sales rose for the September quarter, though profit fell as expenses grew and sales of products serving industries affected by the Covid-19 pandemic continued declining.

The company posted a third-quarter profit of $1.41 billion, or $2.43 a share, compared with $1.58 billion, or $2.75 a share, in the same period last year. Excluding items, earnings were also $2.43 a share, topping analysts' expectations.

The Saint Paul, Minn., manufacturer on Tuesday said its sales rose 4.5% to $8.35 billion. The company had expected sales of $8.2 billion to $8.3 billion, and analysts polled by FactSet had expected $8.31 billion. Comparable local-currency sales rose 0.9%.

At the company's safety and industrial business, sales grew 6.9%. Health-care sales increased almost 26%. Consumer-product sales rose 5.6%, while transportation and electronics products fell 7.4%.

Operating expenses grew to $6.44 billion from $5.98 billion.

The company sees October sales to be flat to up low-single digits from the same month last year. It didn't provide other financial outlook due to Covid-19 uncertainty but said it will continue to report monthly sales for the current quarter.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

October 27, 2020 07:06 ET (11:06 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
3M (NYSE:MMM)
Historical Stock Chart
From Oct 2020 to Nov 2020 Click Here for more 3M Charts.
3M (NYSE:MMM)
Historical Stock Chart
From Nov 2019 to Nov 2020 Click Here for more 3M Charts.