Driven by its leadership position in respirators and other health care items needed for the COVID-19 pandemic, 3M reported solid fourth-quarter and full-year 2020 results.

Throughout 2020, 3M saw strong end-market demand in personal safety, home improvement, general cleaning, semiconductor, data center and biopharma filtration, while other segments declined due to the impacts of COVID-19.

Full-year 2020 sales grew 0.1% year-on-year to $32.2 billion. Acquisitions, net of divestitures, grew sales 2.1%. GAAP earnings were $9.25 per share, an increase of 18.4%.
The company reported operating cash flow of $8.1 billion with adjusted free cash flow of $6.7 billion

"The 3M team delivered a strong fourth quarter with organic growth across all business groups, robust cash flow and a double-digit increase in earnings per share," said Mike Roman, 3M chairman and chief executive officer. "In an uncertain economic environment, we stayed focused on innovating for our customers, improving our operational execution and fighting the pandemic from every angle.

"Throughout 2020 we distributed two billion respirators globally and supported the development and manufacturing of vaccines and therapeutics to help the world respond to COVID-19," Roman continued. "We also took significant actions to transform and build 3M for the future, while advancing our core values. Moving forward we will continue to prioritize investments in growth, productivity and sustainability as we build on our progress and deliver strong results in 2021."

In the fourth quarter of 2019, 3M saw increased end-market demand in personal safety, home improvement, general cleaning, semiconductor, data center and biopharma filtration.
Sales grew 5.8% year-on-year to $8.6 billion. The company's operating cash flow was $2.5 billion with adjusted free cash flow of $2.1 billion contributing to adjusted free cash flow conversion of 151%.