By Dhirendra Tripathi

Investing.com – 3M stock (NYSE:) rose 1.2% in premarket trading on Tuesday as the company beat fourth-quarter estimates while weathering supply shortages.

The company said the “overall end-market demand remains strong,” listing automotive, home improvement, safety, healthcare, and electronics as its growth areas.

Sales in the December quarter rose 0.3%, to $8.6 billion, even as two of its largest businesses – safety and industrial and transportation and electronics declined.

The company manufactures a variety of products for use in various industries, including aerospace, food safety and home care. As it tried to secure raw material availability, the quarter proved difficult. Its product demand was also affected by the waning pandemic. Its disposable respirators were less popular than usual in 2015, with sales falling 25%.

The semiconductor shortage caused disruptions in production at automobile manufacturers, which affected demand for automotive solutions.

The volume of sales dropped by 1.3% in total. The company compensated for this by increasing prices, an average 2.6% per year, and keeping costs under control. The percentage of sales that went to selling, general, or administrative expenses fell.

Lower margins led to a 4.7% drop in net profit, which was $1.3 billion. The company will announce its 2022 guidance on February 14.