3M CEO expects Covid demand for the company’s N95 masks to be strong throughout 2021

3M Chairman and CEO Mike Roman acknowledged Tuesday the industrial huge anticipates establish a question to for its N95 respirator masks to be sturdy all one of the best design via 2021, at the same time as the administration of Covid vaccines pressure hopes that the pandemic’s intensity will launch to wane.

The scientific-grade masks are belief about the finest design to guard in opposition to infection, and as well they’ve been in need — and occasionally, in scarcity — all one of the best design via the effectively being disaster. St. Paul, Minnesota-primarily based mostly 3M started to ramp up manufacturing of N95s about a One year ago, factual as the original coronavirus, which first emerged in China in gradual 2019, started to protect world shy away.

“We invent establish a question to place a question to in our N95 respirator masks to be stable as we wade via the One year,” Roman acknowledged Tuesday on CNBC’s “Instruct on the Avenue.” “We see the establish a question to, the need, from frontline effectively being-care team and first responders. That’s restful our precedence. We’re centered on delivering to their establish a question to and likewise to some extreme industries that require that N95 safety.”

Roman’s feedback came after 3M reported higher-than-anticipated fourth-quarter outcomes. Revenues of $8.58 billion beat Wall Avenue forecasts for $8.4 billion, while earnings per share of $2.38 were 23 cents above estimates.

For the fleshy One year, 3M reported 12.3% sales development in its effectively being-care segment, which entails its respirator masks and products such as hand sanitizers. The firm’s total sales of $32.2 billion in 2020 were up 0.1% compared with 2019 figures.

3M acknowledged it distributed 2 billion respirator masks across the globe closing One year.

As effectively as to the conclude to-timeframe need for its masks, Roman acknowledged another ingredient seemingly driving sustained establish a question to is governments looking to refill their stockpiles. For instance, in August, the Linked Press reported that the U.S. government’s national stockpile of private preserving tools for effectively being-care team at the time became once virtually depleted.

Shares of 3M were higher by about 3% Tuesday to almost $176 apiece — typically flat One year-to-date and down a puny bit all one of the best design via the last 12 months.