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.

Author:: BMTN Staff
Publish date:: Oct 23, 2012
Updated on: Mar 8, 2018

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.

Click here, to read the full third-quarter earnings report.

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.

Click here, to follow 3M's stock performance.

DONTCHA KNOW?

BMTN Newsletters Deliver The Biggest MN Stories

Get Our Newsletter

Screen Shot 2019-06-20 at 12.59.09 PM

The crash happened Wednesday around 9 a.m.

1024px-DowntownWayzata1

Median prices across the 7-county metro hit $285,000 in May.

naughty boy

Insert puns as necessary.

Mississippi River near the St. Cloud Water Treatment Plant.

The victim was a 38-year-old St. Cloud man.

TCO Performance Center, Vikings training camp

Fans need to reserve the free tickets again this year.

sunset, Lake Waconia

Hello darkness, my old friend.

Austin Buysse ESPN

Austin Buysse's one-handed grab was followed by a quick chug.

Cory Buerke

The incident happened Tuesday afternoon at Phalen Regional Park in St. Paul.

Jason and Carly Zucker

Jason and Carly Zucker have done big things at Masonic Children's Hospital.

Ryan Saunders

The draft begins at 6 p.m. Thursday and Minnesota holds the 11th pick.

Screen Shot 2019-06-20 at 7.30.52 AM

It's been a popular venue for students and others living in the Como area.

Screen Shot 2019-06-20 at 7.03.26 AM

It comes after the U of M backed increasing its fees by 2 percent.

From social media to thwarting crime and terrorism, facial recognition technology is becoming a big business and one Minnesota company is looking to cash in. A couple years ago, Maplewood-based 3M acquired the California company Cogent, which develops a variety of identification systems, for nearly $1 billion. 3M Cogent marketing director Teresa Wu tells the Star Tribune, "The next step in applications will be face-in-the-crowd -- identifying people at long distance."

3M Co. still wants to complete a $550 million deal to buy Avery Dennison Corp.'s office-products division, according to a Wednesday morning statement. On Tuesday, the U.S. Department of Justice said the Maplewood-based company decided to terminate the proposed acquisition after the agency threatened to block the deal.

After 10 years at Maplewood-based 3M, Mauro Porcini will now focus on expanding Pepsi's 12 biggest brands, Fast Company reports. At 3M, Porcini had a role in designing office supplies, health care products and built a sought-after design team. Porcini joins PepsiCo on July 2.

Connecticut-based Northern Tier Energy, the new owner of the St. Paul Park refinery, reported quarterly operating income of $199.4 million, up $33.7 million from the quarter a year ago, according to a company news release. Northern Tier credits record productivity at the St. Paul Park refinery and favorable crude oil prices for the boost in profits.