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.
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.
