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3M Tumbles as Industrial Weakness Forces Another Forecast Cut

  • Macroeconomic environment ‘remains challenging,’ CEO says
  • Revised profit expectation misses Wall Street estimates
    

Photographer: Scott Eells/Bloomberg

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3M Co. dropped the most in six months after slashing its profit and sales outlooks -- the latest sign that a global industrial downturn is hobbling the manufacturer.

Adjusted earnings will be no more than $9.09 a share this year, below even the $9.25 bottom of the previous range, the company said Thursday in a statement as it reported quarterly results. Analysts had been predicting $9.31, according to the average of estimates compiled by Bloomberg.