3M Co. is reducing its profit expectations for this year because of what it calls “current economic realities.”
3M makes everything from Post-it notes and Scotch tape to roofing granules, coatings for LCD screens, and traffic sign coatings. The variety of its businesses and its worldwide footprint make it an economic bellwether. And CEO Inge Thulin said what it’s seeing right now is a “slow-growth economy.”
“Q3 market conditions were challenging, and we expect this through the end of the year,” Thulin said. The company now expects to earn $6.27 to $6.35 per share for the year, versus its previous expectation for a profit of $6.35 to $6.50. Analysts had been expecting a profit of $6.40 per share, according to a survey by FactSet.
Revenue will be roughly flat.