3M misses Street 2Q forecasts

3M on Tuesday reported second-quarter earnings of $1.58 billion.

On a per-share basis, the St Paul, Minnesota-based company said it had net income of $2.58.

The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.59 per share.

The maker of Post-it notes, industrial coatings and ceramics posted revenue of $7.81 billion in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $7.88 billion.

3M expects full-year earnings to be $8.80 to $9.05 per share.

3M shares have risen 18 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 10 percent. The stock has climbed 16 percent in the last 12 months.