3M's sales grew 8% in November — an acceleration over the previous month.
Organic local-currency sales, which adjust for swings in volume and price changes, rose 7% in November over a year ago, while divestitures decreased revenue by 1%, 3M said Monday. Foreign currency swings added 2% to sales growth.
Maplewood-based 3M has been releasing monthly sales figures this year due to the economic uncertainty caused by COVID-19. In November, they grew by $2.9 billion.
The company said in a news release that while "significant macroeconomic uncertainty remains," it expects sales to be in the range of $8.2 billion to $8.4 billion for the fourth quarter.
In the fourth quarter of 2019, the company had sales of $8.1 billion.
November organic sales rose 15% in 3M's consumer business over a year ago; 14% in safety and industrial; 5% in health care; and 1% in transportation and electronics. The increase in transportation and electronics appears to mark the first sales growth in that sector in several months.
Geographically, 3M's organic sales grew 11% in the Americas (13% in the U.S. alone) and 7% in Europe, the Middle East and Africa. Sales were flat in Asia, rising 13% in China, but falling 5% in Japan.
3M's stock closed Monday at $173.08, down 94 cents.
