US firm 3M forecasts 7-10% sales rise this year
August 11, 2021 - United States Of America
3M, a US-based technology company engaged in manufacturing of industrial and safety products, has posted 24.7 per cent sales jump to $8.9 billion in second quarter (Q2) of FY21 ended on June 30, 2021. Based on strong first half results, the company has raised its full year guidance for 2021, and now expects sales to rise between 7-10 per cent during FY21.
“3M delivered strong performance in the second quarter, once again posting organic growth across all business groups and geographic areas, along with increased earnings and robust cash flow,” Mike Roman, 3M chairman and chief executive officer, said in a press release.
The company’s operating income rose to $1.9 billion ($1.7 billion), whereas net income for Q2 FY21 was $1.5 billion ($1.3 billion).
Safety and Industrial business sales were up 22.4 per cent to $3.3 billion with rise in automotive aftermarket, roofing granules, abrasives, industrial adhesives and tapes, electrical markets, and closure and masking. Furthermore, transportation and electronics sales surge 28.1 per cent to $2.5 billion due to growth in automotive and aerospace, commercial solutions, advanced materials, transportation safety, and electronics, during the second quarter.
“Looking forward, we remain focused on investing in growth opportunities coming out of the pandemic, improving productivity, advancing sustainability and delivering differentiated value for our customers and shareholders,” Roman concluded.