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
Updated:: Mar 8, 2018
Original:: Oct 23, 2012

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.

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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.

3M's chief financial officer says the Maplewood-based company is still trying to address objections by the U.S. Department of Justice to purchase Avery Dennison's office-supplies division for $550 million. Reuters reports CFO David Meline told investors, "We have a contract that remains in place at the present time and we are reviewing the situation."