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UPDATE 1-3M cuts profit outlook on currency concerns, deal costs
October 23, 2012 / 11:56 AM / 5 years ago

UPDATE 1-3M cuts profit outlook on currency concerns, deal costs

* 3rd-qtr profit $1.65/share, meets Wall Street forecasts

* Revenue little changed at $7.5 billion, shy of estimates

Oct 23 (Reuters) - 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.

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