3M cuts earnings forecast, cites slow global economy
by The Associated Press
3M Co., the maker of Post-it notes, industrial coatings and ceramics, now anticipates 2015 earnings of about $7.55 per share
ST. PAUL, Minn.—3M is lowering its full-year earnings forecast, citing continued slow growth of the global economy.
While the Federal Reserve is expected to boost interest rates Dec. 16, inflation remains low due to global economic weakness, falling energy prices and a strong dollar.
The maker of Post-it notes, industrial coatings and ceramics said that it now anticipates 2015 earnings of about $7.55 per share. Its prior guidance was for earnings in a range of $7.60 to $7.65 per share.
Analysts surveyed by FactSet predict full-year earnings of $7.66 per share.
Looking further ahead, 3M Co. foresees 2016 earnings between $8.10 and $8.45 per share. Wall Street is looking for earnings of $8.41 per share.
3M said in October that it planned to cut up to 1,500 jobs as part of a restructuring plan.
