3M -FACE MASK PROFITS - UP

NEW YORK : 3M - a maker of N95 face masks, reported higher fourth-quarter profits Tuesday on the mixed impact of Covid-19 across its businesses while also projecting sales growth in 2021.

The industrial giant - which operates in transportation, electronics and consumer businesses in addition to health care - pointed to continued strength in personal safety, cleaning and home improvement as the coronavirus boosts demand for some products.

''In an uncertain economic environment, we stayed focused on innovating for our customers, improving our operational execution and fighting the pandemic, from every angle,'' said Chief Executive Mike Roman.

Earnings were $1.4 billion in the fourth-quarter, up 43.3 percent from the year-ago period. Revenues rose  5.8 percent to $8.6 billion.

For all of 2020, 3M had profits of $5,4 billion, up 17.5 percent from the year-ago level. [AFP]