Reuters: Technology News: 3M slashes 2013 outlook on slipping demand, forex

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3M slashes 2013 outlook on slipping demand, forex Apr 25th 2013, 12:11 Thu Apr 25, 2013 8:11am EDT (Reuters) - Diversified U.S. manufacturer 3M Co slashed its 2013 profit forecast on Thursday, saying weakening demand and foreign currency fees were affecting results more than expected. The lowered outlook came after the company's first-quarter profit and revenue both missed Wall Street's expectations. 3M, which makes a range of products including Post-It notes and films used in television screens, now expects to earn $6.60 to $6.85 per share this year, a range mostly below the $6.82 average analyst estimate, according to Thomson Reuters I/B/E/S. 3M previously had expected to earn $6.70 to $6.95 per share this year. The company's shares dropped 3.9 percent in premarket trading. "Considering the stronger U.S. dollar and softer demand in some end markets, it is prudent to alter our outlook a bit for 2013," 3M Chief Executive Inge Thulin said in a statement. St. Paul, Minnesota-based 3M posted first-quarter profit of $1.13 billion, or $1.61 per share, compared with $1.13 billion, or $1.59 per share, in the year-earlier period. The profit number missed analysts' estimates for a quarterly profit of $1.65 per share. Revenue rose 2 percent to $7.63 billion, missing the $7.81 billion estimate from analysts. (Reporting by Ernest Scheyder; Editing by Gerald E. McCormick and Maureen Bavdek) Link this Share this Digg this Email Reprints

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