3M Sees Earnings Hit From Waning Mask Demand

3M Sees Earnings Hit From Waning Mask Demand
The 3M logo is seen at its global headquarters in Maplewood, Minn., on March 4, 2020. (Nicholas Pfosi/Reuters)

Industrial giant 3M Co. on Monday forecast a slower pace of sales growth in 2022 and a 45 cent hit to its per-share earnings, as demand for its masks wanes due to the global vaccination drive against COVID-19.

The company is expecting total sales growth in the range of 1 percent to 4 percent for 2022, slower than a near 10 percent growth recorded a year earlier.

Full-year earnings are expected to be in the range of $10.15 to $10.65 per share, the mid-point of which was slightly above the estimates of $10.36 per share, according to Refinitiv IBES.

The company also forecast full-year operating cash flow of $7.3 billion to $7.9 billion.

In January, the company reported a 4.7 percent fall in its fourth-quarter profit after labor shortages and supply chain bottlenecks hit operations.

3M also plans to invest about $4 billion in 2022 toward research and development and capital expenditures.

Related Topics