4/28, 12:31 PM (Source: TeleTrader)
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3M diluted EPS jumps 47% to $2.22 in Q1

The 3M Company said on Tuesday that its diluted earnings per share (EPS) amounted to $2.22 in the first quarter. The figure increased 47% year-on-year as 3M plays a frontline role in the COVID-19 response with its masks and respirators. Net income attributable to 3M jumped 45% to $1.3 billion. Meanwhile, revenue was at $8.1 billion, increasing 2.7% from the same three-month period in 2019.

The company's CEO Mike Roman stated: "We are attacking the pandemic from all angles, which includes mobilizing all of our resources and rapidly increasing output of critical supplies to healthcare workers and first responders." 3M also withdrew its 2020 full-year guidance, but stressed that it is working extra hard on fighting fraud and against increasing prices during the pandemic.

Shares of 3M increased 2.51% in premarket trade after the results were published.

Breaking the News / VP