3M Company (MMM)

[DewDiligence]

3M 3Q20 results—COVID PPE strong—other business lines not so much:

https://www.wsj.com/articles/3m-sales-rise-from-personal-safety-home-improvement-products-11603798292

3M said sales of N95 and other masks were $235 million higher than in the same quarter a year before. The company said it has sold 1.4 billion of the masks so far this year and plans to have sold 2 billion by the end of 2020. 3M said it would be able to make 2.4 billion N95 masks annually by the end of 2020, more than triple its pre-pandemic production capacity.

… Still, other markets have remained weak, and 3M said sales were down in about half its business lines from a year earlier. Total sales through the first three quarters of this year are down 1.8% compared with the same period a year earlier.

3M has not reinstated 2020 guidance since pulling during the initial wave of the pandemic.

3Q20 PR:
https://news.3m.com/English/press-releases/press-releases-details/2020/3M-Reports-Third-Quarter-2020-Results/default.aspx

CC slides:
https://s24.q4cdn.com/834031268/files/doc_financials/2020/q3/Q3-2020-Earnings-Presentation-(1).pdf