3M posts nearly 5% fall in profit as supply chain snarls, costs bite
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[MINNESOTA] Industrial giant 3M Co posted a 4.7 per cent fall in quarterly profit on Tuesday, as sales in its transportation and electronics segments were impacted by global supply bottlenecks, rising raw material costs and a shortage of semiconductors.
Net income attributable to 3M fell to US$1.34 billion or US$2.31 per share, in the fourth quarter ended Dec 31 from US$1.41 billion or US$2.41 per share, a year earlier.
In October, 3M had flagged that its transportation and electronics, and safety and industrial businesses were most impacted by the semiconductor shortage.
The company, which caters to industries ranging from aerospace and automotive, has seen its demand for transportation products being hit due to lower production of cars.
The company's sales grew 0.3 per cent year-on-year to US$8.6 billion.
REUTERS
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