3M posts 12per cent fall in revenue as coronavirus crisis hammers demand

3M posts 12per cent fall in revenue as coronavirus crisis hammers demand

Industrial conglomerate 3M Co reported a 12per cent drop in quarterly revenue on Tuesday as demand for its products took a hit due to the global economic slowdown caused by the coronavirus crisis.

The 3M Global Headquarters in Maplewood, Minnesota
FILE PHOTO: The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. REUTERS/Nicholas Pfosi

REUTERS: Industrial conglomerate 3M Co reported a 12per cent drop in quarterly revenue on Tuesday as demand for its products took a hit due to the global economic slowdown caused by the coronavirus crisis.

Net sales fell to US$7.2 billion from US$8.2 billion.

But net income attributable rose to US$1.29 billion, or US$2.22 per share, in the second quarter ended June 30, from US$1.13 billion, or US$1.92 per share, a year earlier.

On an adjusted basis, the maker of Post-it notes and Scotch tape earned US$1.78 per share in the quarter.

(Reporting by Rachit Vats in Bengaluru; Editing by Aditya Soni)

Source: Reuters

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