3M Co (MMM.N) reported a better-than-expected quarterly profit and raised its full-year forecasts, helped by increased demand across major segments as economies recover from the impact of the COVID-19 pandemic.
The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. REUTERS/Nicholas Pfosireported a better-than-expected quarterly profit and raised its full-year forecasts, helped by increased demand across major segments as economies recover from the impact of the COVID-19 pandemic.
Shares of the maker of N95 face masks and Scotch-Brite home care products rose just marginally, coming under pressure from the company's comment that it was facing higher logistics and raw material costs. 3M said it now expects a raw materials and logistics charge of between 65 cents and 80 cents per share in 2021, up from its prior forecast of 30 cents to 50 cents per share.
Sales in transportation and electronics business, which makes products including sound absorbing materials for vehicles, surged 28% to $2.5 billion in the quarter.The company raised its annual sales growth outlook to a range of 7% to 10%, from prior forecast of 5% to 8% growth.
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