3M posts nearly 5% fall in profit as supply chain snarls, costs bite

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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.