Minnesota-based 3M forecasts earnings growth for 2013 that falls short of analyst expectations, the Star Tribune reports.
Inge Thulin, CEO of the Maplewood-based company that manufactures thousands of products from Scotch tape to an array of abrasives, films and coatings, said he expects earnings will grow about 8 percent next year, and he predicts 3M earnings per share in 2013 will be $6.70 to $6.95.
It's less than company long-term goals, but the global economy remains weak, Reuters reports.
Shannon O'Callaghan, an analyst at Nomura Securities International in New York, told the Wall Street Journal, that the 3M forecast is "a reasonable starting point for 2013 in a low-growth world." The Journal notes that 3M is a bellwether of the international economy given the global scale of the conglomerate.
3M is the second big manufacturer this week to set a 2013 earnings target that falls a bit short of Wall Street expectations. Honeywell did the same Monday, Reuters noted.