3M, which manufactures a wide range of products including face masks, experiences a 21% surge in sales in its healthcare business during the 1st quarter of 2020. coronavirus
MANUFACTURING GIANT. The 3M headquarters in Woodbury, Minnesota, on August 25, 2011. File photo by Karen Bleier/AFP
3M experienced a 21% surge in sales in its healthcare business during the 1st quarter, a key driver of a 45% jump in 1st quarter profits to $1.3 billion. Revenues climbed 2.7% to $8.1 billion. "That is why as we urgently expand capacity, we are also prioritizing and triaging our supplies to the most critical needs."
The company announced it would cut spending by $350 million to $400 million in the 2nd quarter and withdrew its full-year profit forecast due to uncertainty over the macroeconomic outlook.
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