ST. PAUL, Minn. – Minnesota Mining and Manufacturing Co. said Monday its second-quarter profits fell 4.0 percent, in line with lowered estimates, because of growing weakness in its overseas markets and the strong U.S. dollar.
St. Paul, Minnesota-based 3M posted income from operations of $451 million, or $1.12 a share, compared with net income of $470 million, or $1.18, a year earlier. Sales fell 3.9 percent to $4.08 billion from $4.22 billion.
After a restructuring charge of $249 million, or 62 cents a share, in the most recent quarter, 3M had net income of $202 million, or 50 cents a share.
The company, whose products range from Post-It notes, Scotch tape and sandpaper to adhesives, medical supplies and roofing granules, also said it expects to earn $4.50 to $4.75 a share for the entire year excluding one-time items.
3M, which earned $4.68 a share in 2000, has been expected to earn $4.50 to $4.75 a share, with an average estimate of $4.57, according to Thomson Financial/First Call, which tracks such forecasts.
The company said the low end of the earnings range assumes the U.S. economy will be little changed for the rest of the year, with a continuing slowdown outside the United States.
3M said July 2 that it expected to earn $1.10 to $1.14 a share in the second quarter before one-time items. It also had announced earlier this year that it expected to take charges totaling $600 million over the next few quarters as part of a plan to cut 5,000 positions worldwide.
The company's shares, which have outperformed the Standard & Poor's 500 index by almost 2 percent so far this year, fell $1.65 Friday to close at $113.00.