3M trims full year outlook after flat 1Q earnings - Bring Me The News

3M trims full year outlook after flat 1Q earnings


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.

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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.