3M Q2 2020 Earnings Report
Key Takeaways
3M's second-quarter results were significantly impacted by the global economic slowdown. The company executed well, managed costs, and delivered robust cash flow. Sales declined 12.2 percent year-on-year to $7.2 billion.
Second-quarter sales declined 12.2 percent year-on-year to $7.2 billion.
GAAP earnings were $2.22 per share, an increase of 15.6 percent year-on-year.
Adjusted earnings were $1.78 per share, a decline of 16.4 percent year-on-year.
Operating cash flow was $1.9 billion with adjusted free cash flow of $1.5 billion.
3M
3M
Forward Guidance
Due to the continued evolving and uncertain impact of the COVID-19 pandemic, 3M is not able to estimate the full duration, magnitude and pace of recovery across its diverse end markets with reasonable accuracy and continues to believe it is prudent to not provide guidance.
Positive Outlook
- The company is seeing broad-based sales improvements across businesses and geographies to start the third quarter.
- With one week left in July, total company sales are currently up low-single digits year-on-year.