3M's stock rallies after July sees 'broad-based improvement' in sales trends
Shares of 3M Co. rallied 1.4% in premarket trading Thursday, after the maker of personal safety, industrial and consumer products said it saw "broad-based improvement" in sales trends in July. The company said total sales for the month increased 6% to $2.8 billion. Among its business segments, sales increased 29% in health care, 9% in consumer and 6% in safety and industrial, while transportation and electronics sales fell 7%. The monthly update comes after 3M reported in late-July total second-quarter sales that fell 12.2% to miss analyst expectations. 3M has been reporting monthly sales to provide transparency, while the company is unable to provide financial guidance given the uncertainties resulting from the COVID-19 pandemic. The stock has slipped 6.9% year to date through Wednesday, while the Dow Jones Industrial Average has eased 2.0%.
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