MANUFACTURING GIANT. The 3M headquarters in Woodbury, Minnesota, on August 25, 2011. File photo by Karen Bleier/AFP
3M experienced a 21% surge in sales in its healthcare business during the 1st quarter, a key driver of a 45% jump in 1st quarter profits to $1.3 billion. Revenues climbed 2.7% to $8.1 billion. "That is why as we urgently expand capacity, we are also prioritizing and triaging our supplies to the most critical needs."
The company announced it would cut spending by $350 million to $400 million in the 2nd quarter and withdrew its full-year profit forecast due to uncertainty over the macroeconomic outlook.