3M (NYSE: MMM) reported Q1 2020 earnings results today.
Sales rose 2.7% year-over-year to $8.1 billion. On a GAAP basis, earnings grew 47% to $2.22 per share compared to last year. Adjusted EPS fell 2.7% year-over-year to $2.16.
Due to the uncertainty surrounding the COVID-19 outbreak, 3M is not able to estimate the pace of recovery accurately across its markets. Therefore the company has withdrawn its full-year 2020 guidance which was provided in January.
The company also said it will begin reporting monthly sales information starting in May to provide transparency on its ongoing business performance.
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