3M Company (NYSE:MMM) reported its Q4 results, with better than expected organic sales, mostly due to December strength in respirator demand and holiday sales in Consumer, lower corporate expense, and lower taxes.

The results were surprising, given the company’s negatively preannounced organic sales at a competitor conference on Dec 2, where it disclosed that its Q4 organic revenues were tracking towards the low-end of its (2%)-0% guidance range. However, the company’s quarterly organic sales were up 1.3% year-over-year, with sources of the upside including higher sales of N95 masks in December due to the Omicron variant and stronger than expected consumer demand during the holiday season.

In terms of disappointments, margins were somewhat underwhelming as the company faced continued raw material and logistics headwinds in all of its segments.