3M posts 12% fall in revenue as coronavirus crisis hammers demand

(Reuters) – Industrial conglomerate 3M Co reported a 12% drop in quarterly revenue on Tuesday as demand for its products took a hit due to the global economic slowdown caused by the coronavirus crisis.

Net sales fell to $7.2 billion from $8.2 billion.

But net income attributable rose to $1.29 billion, or $2.22 per share, in the second quarter ended June 30, from $1.13 billion, or $1.92 per share, a year earlier.

On an adjusted basis, the maker of Post-it notes and Scotch tape earned $1.78 per share in the quarter.

(Reporting by Rachit Vats in Bengaluru; Editing by Aditya Soni)