3M Slumps Most in 4 Years After Paring 2015 Forecast Again
- Manufacturer's pullback follows cut in outlook in October
- `It does reflect the reality globally of what we’re seeing'
Why Is 3M Slashing Its Profit Forecast Again?
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3M Co. tumbled the most in more than four years after the maker of Post-it Notes and industrial products cut its 2015 profit forecast for the second time in as many months, blaming sluggish growth in the world economy.
The new annual projection implies a drop in sales in the final three months of 2015, “reflecting what is shaping up to be the first quarter of negative organic revenues for 3M since 2009,” RBC Capital Markets analyst Deane Dray said Tuesday in a note to clients after the company’s annual outlook meeting.