The industrial giant -- which operates in transportation, electronics and consumer businesses in addition to health care -- pointed to continued strength in personal safety, cleaning and home improvement as the coronavirus boosts demand for some products.
But 3M said the pandemic had dented revenues tied to some other areas, including elective health procedures and hospitality."In an uncertain economic environent, we stayed focused on innovating for our customers, improving our operational execution and fighting the pandemic from every angle," said Chief Executive Mike Roman.
Earnings were $1.4 billion in the fourth-quarter, up 43.3 percent from the year-ago period. Revenues rose 5.8 percent to $8.6 billion.3M's products run the gamut of household goods such as Scotch Tape and Post-It notes, as well sealants for the aerospace industry and sensors and protective equipment for the electronics industry.
During the pandemic, 3M has been a key player in supplying personal protective equipment, especially N95 "respirator" masks used by health care workers. The company produced 2 billion of the masks in 2020. That came after 3M doubled its mask capacity twice during 2020 as it worked with the governments of the United States, Canada, Germany and Singapore to boost capacity. In an earnings presentation Tuesday, 3M said it has now raised production capacity of the masks to 2.5 billion units.Watch more in iWantTFC
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