Industrial giant 3M reported higher quarterly profits Tuesday on a jump in its health care business as it ramps up medical mask production amid surging demand in the coronavirus outbreak.
The company manufactures a wide range of products used in myriad industries, but it has gained notoriety during the COVID-19 outbreak over its N95 "respirator" masks, especially after sparring with the White House earlier this month.
The masks have been an essential item to hospitals on the front line of the outbreak and have emerged as the object of illicit practices and price gouging among distributors.
The company experienced a 21 percent surge in sales in its health care business during the first quarter.
"Even with 3M's accelerated production, the stark reality is that global demand for respirators far outpaces the ability of the entire industry to deliver," chief executive Mike Roman said on a conference call.
Profits in the first quarter were $1.3 billion, up 45 percent from the year-ago period. Revenues climbed 2.7 percent to $8.1 billion.
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