3M shares are down more than 6 percent year on year to date. The 118-year-old firm, headquartered in St. Paul, Minn., posted earnings of $7.2 billion in the second quarter, a 12.2 percent decline over the same quarter in 2019. The company's reported earnings were $15.2 billion over the past six months, a drop of 4 percent year over year.
The least affected was Healthcare, the division that produces N95 masks, anti-fog face shields, and other medical devices, down 0.4 percent. The consumer goods group saw a 6.2 percent drop in sales, a 9.2 percent drop in safety and industry, and a 20.9 percent drop in transportation and electronics.
The excellent thing is that the operating cash flow of the company was a reported $1.9 billion, an increase over the year of 15 percent. Management cut expenses, so net revenue was $1.28 billion in the quarter, up 13.7 percent, amid headwinds from the global pandemic. Net income was $2.58 for the first six months, up 27.5 percent year over year.
What companies compete with 3m in the n95 mask market?
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This is the actual report of the global market of n95 face filtrating respirators. There are lots of companies manufacturing n95 masks. But what are the competitors:
The three main U.S. manufacturers of N95 respirator masks, which have been in high demand because of the coronavirus pandemic by healthcare workers.
To be sure, none of these companies are just "mask manufacturers." With varied divisions and respectable dividends, they're all big industrial stocks. The smallest of the three, Kimberly-Clark, has 40,000 employees—that is the size of a small town. Honeywell and 3M have about 100,000 workers each, enough to populate a mid-sized area.
That size helps make these businesses nice long-term assets since those that are doing well will probably support any segment that drags on performance.
The share price of Honeywell has fallen more than 5 percent year to date, but for the past three months, it has been steadily increasing. The Morristown, N.J.-based firm, formed 93 years ago, received good news on Monday: After a 12-year absence, it will rejoin the 30-stock community that makes up the Dow Jones Industrial Average on Aug. 31. That makes it more possible, a nice boon for the stock, to be included in index funds.
For Honeywell, this has been a tough year, with sales of $9.2 billion in the second quarter, down 19 percent year on year, and net income of $1.1 billion, down 29 percent from the same time in 2019. The most hard-hit of the company's four divisions is also its largest: aerospace, which had organic revenues of $2.5 billion recorded, down 27 percent year on year.
Safety and productivity solutions have been the lone bright spot among its divisions, which rose 1 percent year on year in the quarter. Along with other safety equipment, the segment manufactures personal protection equipment such as N95 masks, safety glasses, and face shields.
While Honeywell is likely to be headed for its second consecutive year of declining revenue, beyond its addition to the Dow, there are reasons to be high on the stock.
It reacted strongly to the economic downturn and cut costs across the board, reducing staff and wages, allowing the building technology division and the security and productivity solutions division to expand margins. Second, the company has very little debt, and its adjusted free cash flow, up to $6.3 billion last year, has been growing steadily.
Kimberly-Clark is best known for its consumer goods, founded 148 years ago and headquartered in Irving, Texas think Scott and Cottonelle toilet paper, Huggies diapers, and Kleenex tissues. But protective equipment such as coveralls, gloves, safety glasses, and of course, respirator N95 and surgical masks are also made available.
The shares of Kimberly-Clark are up more than 12 percent year to date, showing the manner in which the company expanded its business during the pandemic.
In the second quarter, registered revenue was $4.6 billion, up just .003 percent year-over-year, but $9.6 billion in six-month revenue from Kimberly Clark is a 0.4 percent bump compared to the same time in 2019. Net income was up as well at a record of $692 million in the second quarter, up 39.7 percent year over year. There was a record $1.3 billion in six-month net sales, up 42 percent over the same timeframe last year.