MINNEAPOLIS, Minn., Tue Oct 23, 2012 – Diversified U.S. manufacturer 3M Co. 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.