3M posts record, but trims yearly profit outlook on currency concerns
3M Co. posted a record third-quarter earnings of $1.65 per share, an increase of 8.6 percent increase from a year earlier, but cut its profit expectations for all of 2012 because of "current economic realities." The Maplewood-based company, which makes everything from office supplies to specialized coatings, expects to earn $6.27 to $6.35 per share for the year, down from $6.35 to $6.50, CNBC reports.
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Earlier this month, 3M agreed to buy ceramic components maker Ceradyne for $860 million in cash.
Concerns from the U.S. Department of Justice led 3M to give up on its proposed plan to buy Avery Dennison’s office supply operations.
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