3M 1Q net flat on soft demand; cuts 2013 guidance

6:09 AM, Apr 25, 2013   |    comments
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MINNEAPOLIS - 3M says its first-quarter profit barely rose as it faced weaker demand. It cut its profit guidance for the full year.

3M's Scotch tape and construction and safety materials make it a good window into the broader economy. It has operations all over the world, so a stronger dollar hurt its revenue because many of its goods are sold in other currencies.

3M Co.'s net income was just slightly higher from a year ago at $1.13 billion, or $1.61 per share. A year ago its net income worked out to $1.59 per share. Revenue rose 2 percent to $7.63 billion. Revenue and profits were both short of analyst expectations.

For the full year, it now expects to earn $6.60 to $6.85 per share. It had previously predicted $6.70 to $6.95.

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