3M Lowers Sales Outlook as Strong Dollar Pressures Results
- Continued softness in consumer electronics hurts revenue
- Second-quarter earnings beat analysts’ estimates, sales miss
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3M Co. cut its outlook for sales growth as the strong U.S. dollar weighed on second-quarter earnings for the maker of Post-it notes and Scotch tape.
Currency-adjusted sales won’t increase by more than 1 percent this year, the St. Paul, Minnesota-based company said Tuesday. 3M earlier forecast a gain of 1 percent to 3 percent. The company also narrowed its annual earnings projection to $8.15 to $8.30 a share from a previous range of $8.10 to $8.45 a share.