3M Co. posted a slim increase in quarterly earnings as cost-cutting offset a 2 percent revenue decline. It also held onto its forecast for the year, saying it would continue to cut costs, especially in Europe. 3M’s US sales held up well; Asia had pockets of softness. Europe was a weak spot for most divisions. Net income was $1.17 billion, or $1.66 per share.
market movers
3M profit rises a bit as sales slip
Paul Sakuma/Associated Press
3M Co. makes thousands of diverse products, including Scotch tape, Post-It notes, air filters, and stethoscopes. It’s seen as a bellwether for the economy.