3M keeps 2012 guidance, 2013 matches Street
ST. PAUL, Minn. (AP) — 3M Co. maintained its 2012 guidance Wednesday and issued an outlook for 2013 similar to Wall Street estimates.
The company said it still expects net income of $6.27 to $6.35 per share for the year. In sees 2013 profit between $6.70 and $6.95 per share. 3M said its revenue will grow 2 to 5 percent if the effects of changes in foreign currency exchange rates are excluded.
Analysts forecast net income of $6.32 per share in 2012 and $6.86 per share in 2013.
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. The company lowered its 2012 outlook in late October, pointing to slow economic growth.
3M shares fell 67 cents to $93.01 in afternoon trading.