3M  Reuters

(Reuters)

3M's Sales Miss; Lowers Forecast

Industries Reuters

3M Co, the maker of Scotch tape and Post-it notes, reported lower-than-expected quarterly net sales and cut its full-year sales forecast, citing slow global economic growth.

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3M's shares were down 1.5 percent at $176.91 in premarket trading on Tuesday.

The company, which derives about 60 percent of its sales from outside the United States, said it now expects sales to be flat to up 1 percent in 2016, excluding the effect of currency changes.

The company, which reported revenue of $30.27 billion for 2015, had previously estimated a 1-3 percent sales growth for the current year.

3M also narrowed its full-year earnings forecast range to $8.15-$8.30 per share, from $8.10-$8.45.

Analysts on average were expecting 2016 earnings of $8.24 per share on revenue $30.40 billion, according to Thomson Reuters I/B/E/S.

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Net income attributable to the company fell to $1.29 billion, or $2.08 per share, in the second quarter ended June 30, from $1.30 billion, or $2.02 per share, a year earlier.

The company's net sales fell marginally to $7.66 billion.

Analysts on average had expected second-quarter earnings of $2.07 per share, on revenue $7.71 billion.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva and Maju Samuel)