FILE PHOTO: The logo of Down Jones Industrial Average stock market index listed company 3M is shown in Irvine, California April 13, 2016. REUTERS/Mike Blake/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE – SEARCH ‘BUSINESS WEEK AHEAD 24 OCT’ FOR ALL IMAGES/File Photo
January 25, 2022
(Reuters) -Industrial giant 3M Co posted a 4.7% 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 $1.34 billion, or $2.31 per share, in the fourth quarter ended Dec. 31, from $1.41 billion, or $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 percent year-on-year to $8.6 billion.
(Reporting by Aishwarya Nair in Bengaluru; Editing by Maju Samuel)
Source: One America News Network
