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4/27, 12:31 PM (Source: TeleTrader)
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3M Q1 revenue increases 9.6% to $8.9 billion

The 3M Company announced on Tuesday that its revenue for the first quarter of the year was $8.9 billion, rising 9.6% compared to the same period last year.

The company's earnings per share (EPS) went from $2.25 to $2.77 resulting in a year-on-year increase of 23%. The company's net income rose 24% to $1.62 billion, while its operating income landed at $1.99 billion up by nearly 20% per annum.

Mike Roman, 3M Chief Executive Officer, stated: "The first quarter was highlighted by broad-based organic growth, robust cash flow, and a double-digit increase in earnings per share. While uncertainty related to COVID-19 remains, we will stay focused on driving growth, building on favorable market trends, improving operational performance, and delivering for customers and shareholders."

3M shares were up 0.5% in premarket trading, following the positive earnings report.

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