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Diversified manufacturer 3M reported a 48 percent drop in quarterly profit and cut its full-year earnings forecast, citing falling demand as its customers reduce inventories.
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3M, whose products range from Scotch tape to optical films for liquid crystal displays, said on Friday it now expects full-year earnings of $3.90 to $4.30 per share, down from a prior forecast of $4.30 to $4.70.
"That original guidance was a little aggressive anyway,'' said Morningstar analyst Adam Fleck.
Net income for the first quarter was $518 million, or 74 cents per share, down from $988 million, or $1.38 a share, a year earlier.
Excluding special items, profit was 81 cents per share, 5 cents below analysts' average forecast, according to Reuters Estimates.
"The weakness was pretty much where you'd expect it: electronics, automotive, construction,'' Fleck said.
The St. Paul, Minnesota, company is a bellwether of the U.S. economy because of its geographic reach and broad lineup of products.
3M shares [MMM
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] fell in premarket trading.
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