3M profit misses as coronavirus crisis hammers sales

Earnings

3M N95 particulate filtering face mask are seen at a store in East Palo Alto, California, United States on January 26, 2020.

Yichuan Cao | NurPhoto | Getty Images

Industrial conglomerate 3M reported a 12% 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 $7.2 billion from $8.2 billion.

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

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

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