American tech firm 3M records 7.1% sales rise in July-Sep quarter

November 03, 2021 - United States Of America

3M, a US-based technology company engaged in manufacturing of industrial and safety products, has posted a 7.1 per cent sales increase to $8.9 billion in the third quarter (Q3) of FY21, over the same period of last fiscal. With the continued growth momentum, the company has further raised its guidance for 2021, and now expects sales to rise between 9-10 per cent (previous forecast: 7-10 per cent).
“In the face of continued global challenges, the 3M team executed well and delivered broad-based organic growth, along with strong margins and cash flow,” Mike Roman, 3M chairman and chief executive officer, said in a press release. “Overall, end-market demand remained strong, and we navigated supply chain disruptions by maintaining a relentless focus on serving and innovating for our customers.”
During the third quarter ended on September 30, 2021, sales from safety and industrial business grew 7.2 per cent to $3.2 billion, while transportation and electronics sales went up 5.8 per cent to $2.5 billion due to rise in advanced materials, commercial solutions, automotive and aerospace, and transportation safety, and decreased in electronics.
The American diversified firm reported a drop in operating income to $1.9 billion ($1.8 billion). Moreover, net income for Q3 remained stagnant at $1.4 billion.
“Moving ahead, we will continue to invest for the future by investing in strong demand areas aligned with global trends, while improving our operational performance, driving productivity and advancing sustainability,” Roman concluded.