The St. Paul, Minn.-based company posted profits of $1.4 billion, or $2.38 per share, on sales of $8.6 billion for the three months ended Dec. 31, 2020, for a 43.3% bottom-line gain on sales growth of 5.8%.
Adjusted to exclude one-time items, earnings per share were also $2.38, 23¢ ahead of Wall Street, where analysts were looking for sales of $8.4 billion.
3M’s healthcare segment mirrored its overall business, growing 5.4% on sales of $2.3 billion. Sales grew in the Americas and EMEA, while they were flat in the Asia Pacific region.
The segment’s operating income came in at $558 million, marking an increase of 22% year-over-year.
“The 3M team delivered a strong fourth quarter with organic growth across all business groups, robust cash flow and a double-digit increase in earnings per share,” 3M chairman & CEO Mike Roman said in a news release. “In an uncertain economic environment, we stayed focused on innovating for our customers, improving our operational execution and fighting the pandemic from every angle. Throughout 2020 we distributed two billion respirators globally and supported the development and manufacturing of vaccines and therapeutics to help the world respond to COVID-19.
“We also took significant actions to transform and build 3M for the future, while advancing our core values. Moving forward we will continue to prioritize investments in growth, productivity and sustainability as we build on our progress and deliver strong results in 2021.”
3M offered its 2021 financial guidance, projecting sales growth in the range of 5% to 8%, with EPS expected to come in between $9.20 and $9.70 per share.
MMM shares were up 1.5% at $172.98 per share before hours today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished yesterday almost even.