3M: Q2 adjusted EPS down 16%
(CercleFinance.com) - The conglomerate 3M has reported Q2 2020 adjusted EPS that is down 16.
4% at 1.78 dollar, with adjusted operating profit of 1.4 billion dollars, meaning an operating margin of 19.6%.
Revenues contracted by 12.2% to 7.2 billion dollars (-13.1% organically and in local currencies), with many end markets continuing to suffer from the Covid-19 crisis, such as automotive equipment.
Although since the beginning of July it has seen an improvement in sales momentum, with low single-digit growth compared to a year ago, the Saint-Paul (Minnesota) based group is still not providing any targets for 2020.
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