3M tightens full-year profit outlook on supply chain disruptions

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FILE PHOTO: The 3M emblem is seen at its world headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. The corporate has been contracted by the U.S. authorities to provide additional masks in response to the nation’s novel coronavirus outbreak. Image taken March 4, 2020. REUTERS/Nicholas Pfosi/File Photograph/File Photograph

Oct 26 (Reuters) – Diversified producer 3M Co posted a 7.1% rise in third-quarter income on Tuesday and tightened its full-year earnings forecast, citing disruptions in its provide chain community.

Whereas demand for items has rebounded with huge stimulus and the reopening of economies, a labor scarcity and hovering uncooked materials costs have left U.S. producers within the lurch.

Final month, the maker of N95 face masks and Scotch-Brite dwelling care merchandise pointed to inflation coming in greater than anticipated, with value pressures in resins, wooden pulp and labor.

The corporate mentioned it now expects 2021 earnings per share between $9.70 and $9.90, versus its earlier forecast vary of $9.70 to $10.10.

Annual gross sales are anticipated to develop between 9% and 10%, in comparison with a previous forecast of seven% to 10%, 3M mentioned.

Internet earnings attributable to the corporate rose marginally to $1.434 billion, or $2.45 per share, within the quarter ended Sept. 30, from $1.430 billion, or $2.45 per share, a yr earlier.

Internet gross sales rose to $8.94 billion from $8.35 billion a yr earlier.

Reporting by Sanjana Shivdas in Bengaluru; Modifying by Ramakrishnan M.


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