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3M Reports Sales Information for August 2020

Sales of $2.7 billion, up 2% year-on-year.

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By: Anthony Locicero

Copy editor, New York Post

3M reported sales information for the month of August 2020.
 
Total sales for August increased 2% year-on-year to $2.7 billion. 
 
Organic local-currency sales (which includes organic volume impacts and selling price changes) declined 2% while acquisitions, net of divestitures, and foreign currency translation increased sales year-on-year by 3% and 1%, respectively.
 
Total sales increased 23% in Health Care, 6% in Safety and Industrial, and 3% in Consumer, while Transportation and Electronics declined 11%. 
 
Organic local-currency sales increased 6% in Health Care, 5% in Safety and Industrial, and 2% in Consumer, while Transportation and Electronics declined 11%.
 
On a geographic basis, total sales increased 7% in EMEA (Europe, Middle East and Africa), and 4% in the Americas, while Asia Pacific declined 2%.
 
Organic local-currency sales were flat in both the Americas (including the U.S. up 1%) and EMEA, while Asia Pacific declined 5% (including China up 6% and Japan down 15%).
 
Sales for August 2020 were impacted by one fewer business day – 21 days this year versus 22 days last year – or -5% year-on-year. 
 
Because the company will have one additional business day in September 2020 versus September 2019, there will be no year-on-year business day impact on the third-quarter 2020.
 
While significant global economic uncertainty remains due to the COVID-19 pandemic, the company estimates, with one month left in the quarter, its sales to be in the range of $8.2 to $8.3 billion for the third-quarter. 
 
Given the current economic uncertainty, 3M will continue its monthly reporting of sales information through the end of the year to provide transparency on its ongoing business performance.
 

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