3M Profit, Sales Fall Short As Strong Dollar Weighs

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3M Co. said Thursday it had net income of $1.19 billion, or $1.85 a share, in the first quarter, compared with $1.21 billion, or $1.79 a share, in the year-earlier period. Sales fell to $7.6 billion from $7.8 billion. The FactSet consensus was for EPS of $1.93 and sales of $7.8 billion. The maker of industrial, healthcare and consumer goods including Post-it notes said currency moves reduced sales by 6.5% in the quarter. "The stronger U.S. dollar negatively impacted sales and earnings in the first quarter, and global economic growth was mixed," Chief Executive Inge Thulin said in a statement. The company is now expecting full-year earnings to range from $7.80 to $8.10 a share, down from a prior outlook of $8.00 to $8.30. The current FactSet consensus is for full-year EPS of $8.14. Shares were slightly higher in thin premarket trade, and are up 0.2% in the year through Wednesday, while the Dow Jones Industrial Average has gained 1.2%.

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