Deals
3M Cuts Full-Year Forecast Range as Sales Fall in Europe
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3M Co., the manufacturer of products including Scotch tape and dental braces, reduced its full-year forecast as a recession in Europe and slowing Asia growth crimped sales. The shares fell the most in almost a year.
3M now sees earnings of $6.27 to $6.35 a share, including 3 cents of an acquisition-related cost, the company said in a statement. That’s down from a previous target of $6.35 to $6.50, which didn’t include the expense, and lower than the $6.40 average of analysts’ estimates complied by Bloomberg.