October 23, 2012 / 11:44 AM / in 5 years

3M cuts profit outlook on currency concerns, deal costs

(Reuters) - Diversified U.S. manufacturer 3M Co (MMM.N) on Tuesday reported a 6.7 percent rise in third-quarter profit but cut its profit forecast for the full year as acquisition costs and a strengthening dollar hurt margins.

The maker of products ranging from Post-It notes to films used in consumer electronics said net income was $1.16 billion, or $1.65 per share, compared with $1.09 billion, or $1.52 per share, a year earlier.

Profit met Wall Street forecasts, according to Thomson Reuters I/B/E/S.

3M now expects to earn $6.27 to $6.35 per share for all of 2012, below its prior forecast of $6.35 to $6.50. Analysts had expected $6.40.

Third-quarter revenue was little changed at $7.5 billion, shy of the $7.63 billion analysts had anticipated.

Reporting By Scott Malone; editing by John Wallace

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below