Diversified manufacturer 3M reported quarterly increases in profit and revenue that fell shy of Wall Street estimates, as currency effects weighed on sales and costs rose.
First-quarter net income rose to $1.21 billion, or $1.79 per share, from $1.13 billion, or $1.61 per share, a year ago.
Analysts on average were looking for $1.80 per share, according to Thomson Reuters.
Share prices fell more than 2 percent in premarket trading. (Click here to see where 3M is trading now.)
Still, 3M chief Inge Thulin called it "a solid quarter."
"Our teams delivered positive organic growth in all business groups and geographic areas, we posted strong margins across the portfolio and we returned a record amount of cash to shareholders," he said in a statement. "At the same time we increased investments in R&D and commercialization to help secure future growth in the business. 3M is well-positioned to generate sustainable, profitable growth far into the future."
Analysts had expected the company to report earnings of $1.80 a share on $7.96 billion in revenue, according to a consensus estimate from Thomson Reuters.