3M Co., maker of consumer and industrial products, reported a first-quarter net income of $1.129 billion, up 1.3 percent from $1.125 billion in the same period a year ago, Fox Business reports. Sales increased 2 percent to $7.63 billion -- an all-time record for the quarter.
Both first-quarter profit and sales missed Wall Street expectations, RTTNews.com notes.
“We achieved record first-quarter sales and solid operating margins in the face of a low-growth economic environment and the strong U.S. dollar,” Inge Thulin, 3M chairman, president and chief executive officer, said in a news release. “At the same time, we further strengthened the company through increased investments in innovation, commercialization and manufacturing.”
3M lowered its full-year guidance by 10 cents to a range of $6.60 to $6.85 per share, Reuters reports. The Maplewood-based company cited softer demand for some products, including films it makes for flat-panel televisions, as well as the stronger U.S. dollar.
Click here, to follow 3M's stock performance.