3M's sales tumbled in May, and while the decline was across the board, the company's transportation and electronics business was hit hardest.
Maplewood-based 3M on Monday reported sales of $2.2 billion in May, down 20% over the previous year as the company — like so many — struggled with the worldwide COVID-19-induced economic contraction.
Sales declined 11% in 3M's health care division; 12% in consumer; 17% in safety and industrial; and 30% in transportation and electronics.
Geographically, sales were hit hardest in Europe, the Middle East and Africa, falling 26% from the previous May. The company's sales declined 15% in the Asia Pacific and 21% in the Americas.
3M said its May sales were affected by two fewer business days than in May 2019, leading to a 9% sales decline.
While 3M has had to ramp up its sales of N95 respirators and other personal protective equipment, officials said revenue from those products doesn't make up for drops in other sectors such as the auto market.
The market perhaps interpreted 3M's May performance as not as bad as expected: It's stock closed Monday at $157.73, up nearly 2%.