market mover

3M says economy tougher than it thought

3M’s many products include Post-it notes and Scotch tape.

Jim Mone/Associated Press

3M’s many products include Post-it notes and Scotch tape.


Investors were unnerved as 3M Co. cut its profit forecast for the year — to $6.60 to $6.85 per share, down from $6.70 to $6.95 — citing a ‘‘low-growth” environment. “Market conditions were tougher than we expected,’’ said CEO Inge G. Thulin. The company, with $30 billion in sales, 88,000 employees, and operations in 70-plus countries, is considered a window on the economy. A strong dollar hurt revenue (many 3M goods are sold abroad) and profit and sales for electronics fell sharply.

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