Minnesota N95 maker 3M tops profit forecast on medicare boost, safety product demand

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Minnesota N95 maker 3M tops profit forecast on medicare boost, safety product demand

Earlier on Tuesday, the 3M Company, an American multinational conglomerate headquartered in Saint Pauls, Minnesota, operating across wide-ranging industrial façades, workers’ safety and health care products alongside consumer goods, had posted quarterly earnings’ report for Q1, 2021, which had wildly beaten Wall St estimates for both profit and revenue on an average, as the maker of N95 masks appeared to have capitalized on a rise of pandemic cases across the globe, since people had purchased more personal safety products to fend off the outbreak.

On top of that, while a third wave of pandemic outbreak seemingly bode well for 3M Co that offers a swathe of personal safety products ranging from N95 masks, a top-tier filter against microscopic pathogens, to home improvement and general cleaning equipment such as sanitizers as beforementioned, first-quarter sales of 3M’s safety and industrial unit climbed as much as 13.7 per cent to $3.3 billion at its fiscal first quarter that ended on March 31 compared to the same time a year earlier.

In tandem, despite an upbeat quarterly earnings’ report, NYSE-listed shares’ prices of 3M Co. were last trading 3.02 per cent lower to $193.57 per share in early-morning US trading hour after rising 2.11 per cent in pre-market trading.

3M Co. shares plunge despite upbeat quarterly earnings’ report

Nonetheless, according to 3M Co.’s quarterly earnings’ report, the Minnesota-based conglomerate’s net income rose to $1.62 billion or $2.77 a share from a net income of $1.31 billion or $2.25 a share registered at the same time a year earlier, beating an analysts’ estimate of $2.29 a share.

Besides, 3M Co.’s net sales jumped as much as 9.6 per cent to $8.85 billion, largely riding on the back of an upsurge in sales of personal safety products, beating Wall St. estimates of $8.47 billion on an average.