Industrial and consumer products giant 3M (MMM) told investors today that it sees a challenging period ahead, and the company cut its full year earnings forecast, sending shares down about 6% early.
The maker of everything from scotch tape to auto parts posted $1.55 in EPS on $7.53 billion in revenue; analyst had been expecting $1.61 of EPS and $7.78 billion in revenue. 3M sees more economic weakness ahead, as its customers have become more cautious. It now expects full-year earnings in a range of $5.85 to $5.95 per share, down from $6.10 to $6.25.
“Organic volume growth was below recent trend levels, reflecting weakness across the electronics market along with generally slowing economic growth in the developed world. 3M also noted that a number of its customers reduced inventories during the quarter in anticipation of slowing demand,” the company said in a statement.
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