Sales of $2.7 billion, up 2 percent year-on-year
August sales negatively impacted by one fewer business day – 21 days this year vs. 22 days last year – or minus 5 percent year-on-year impact
Company provides revenue expectations for third quarter; monthly sales updates to continue through end of 2020
Total sales for August increased 2 percent year-on-year to $2.7 billion. Organic local-currency sales (which includes organic volume impacts and selling price changes) declined 2 percent while acquisitions, net of divestitures, and foreign currency translation increased sales year-on-year by 3 percent and 1 percent, respectively.
Total sales increased 23 percent in Health Care, 6 percent in Safety and Industrial, and 3 percent in Consumer, while Transportation and Electronics declined 11 percent. Organic local-currency sales increased 6 percent in Health Care, 5 percent in Safety and Industrial, and 2 percent in Consumer, while Transportation and Electronics declined 11 percent.
On a geographic basis, total sales increased 7 percent in EMEA (Europe, Middle East and Africa), and 4 percent in the Americas, while Asia Pacific declined 2 percent. Organic local-currency sales were flat in both the Americas (including the U.S. up 1 percent) and EMEA, while Asia Pacific declined 5 percent (including China up 6 percent and Japan down 15 percent).
Sales for August 2020 were impacted by one fewer business day – 21 days this year versus 22 days last year – or minus 5 percent year-on-year. Because the company will have one additional business day in September 2020 versus September 2019, there will be no year-on-year business day impact on the third-quarter 2020.
While significant global economic uncertainty remains due to the COVID-19 pandemic, the company estimates, with one month left in the quarter, its sales to be in the range of $8.2 to $8.3 billion for the third-quarter. Given the current economic uncertainty, 3M will continue its monthly reporting of sales information through the end of the year to provide transparency on its ongoing business performance.
NOTE: this is NOT complete release