Q4 sales up by 8.5 per cent in ‘challenging environment’.

 

3M’s global stationery and office products division increased sales by more than eight per cent to US$387 million in the three months to 31 December.

 

3M’s consumer business reported Q4 2021 revenue of US$1.48 billion – up 4.9 per cent. In addition to stationery and office products, consumer health and safety and home improvement also lifted sales.

 

The company reported a 25 per cent drop in sales of disposable masks as Q4 revenue at the personal safety division fell by almost US$200 million year-on-year to US$1 billion. However, it is seeing a short-term boost in demand due to the Omicron variant.

 

“3M delivered a solid fourth-quarter performance as we maintained our relentless focus on serving customers in a challenging external environment,” 3M chairman and CEO, Mike Roman, said. “Our team effectively managed supply chain disruptions, made good progress on pricing actions and controlled costs.” 

 

“Throughout 2021 we performed well, delivering full-year sales growth of 10 per cent, robust cash flow and a strong increase in EPS. We also returned significant cash to shareholders, reduced debt and helped the world respond to the pandemic,” he said.