REUTERS: U.S. industrial conglomerate 3M Co topped Wall Street estimates for quarterly profit on Tuesday, as the COVID-19 pandemic boosted demand for its healthcare equipment.
Last quarter, 3M suffered a pandemic-driven plunge in sales as demand for office supplies dropped, with more people working from home.Sales in its healthcare unit rose 25.5per cent to US$2.2 billion, boosted by demand for protective equipment to fight the spread of the virus. Net income attributable to the company fell to US$1.41 billion, or US$2.43 per share, in the third quarter ended Sept. 30, from US$1.58 billion, or US$2.72 per share, a year earlier.Analysts on average expected quarterly earnings of US$2.26 per share, according to Refinitiv data.
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