[CNBC Television] Watch CNBC’s full interview with 3M CEO Mike Roman
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Mike Roman, CEO of 3M, joins “Squawk on the Street“ to discuss the company’s earnings and response to the coronavirus pandemic.
3M shares jumped Tuesday after the manufacturing conglomerate reported first-quarter earnings and revenues that topped Wall Street’s expectations as demand for safety equipment and cleaning products spiked amid the coronavirus pandemic.
The company said in a release that it saw a mix of results across its segments, but especially “strong” numbers in its personal safety unit given its role in the production of key N95 respirator masks.
The St. Paul, Minnesota-based 3M said Tuesday that it’s doubled global respirator output to 100 million per month since the beginning of 2020 and is increasing capital investment to double respirator output again.
It reported adjusted earnings per share of $ on revenues of $ billion for the first quarter, growth of 2.7% on a year-over-year basis. Both figures topped Wall Street consensus estimates of EPS of $ and sales of $ billion based on Refinitiv research.
Still, it’s difficult to compare reported earnings to analyst estimates for 3M’s first quarter as the impact of the coronavirus is tricky to model precisely in financial forecasts. Shares were last seen up 4.4%.
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