3M Slides After Cutting Profit Forecast Again on Sales Slump
- Revenue declines weigh on consumer, health, electronics units
- Company reduces earnings outlook for third time this year
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3M Co. sank the most in six months as adverse exchange-rate moves and high material prices compounded sales declines in most of its businesses.
The company cut its 2018 profit forecast Tuesday to no more than $10 a share, short of even the lowest analyst estimate in a Bloomberg survey. That was the third time this year that the maker of Post-it notes and touch screens has trimmed its outlook.