3M Cuts 2008 Profit

3M Co., (MMM) lowered its 2008 earnings outlook and forecast 2009 profit below Wall Street expectations, citing slowing revenue in the weakening economy. 3M also said it cut nearly 1,800 positions in the fourth quarter, mainly in the U.S., Western Europe and Japan. The cuts are expected to save $170 million in 2009, and are in addition to the 1,000 jobs eliminated in the third quarter ended Sept. 30.

The company now expects earnings per share for 2008 will range between $5.10 and $5.15, down sharply from its previous estimate of $5.40 to $5.48 and well below Wall Street's $5.43 average forecast. 3M expects 2009 earnings per share between $4.50 and $4.95, also widely missing analysts's average estimate of $5.31 per share.

by Mark Anderson | 12/08/08 | Stocks: MMM,

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3M Cuts 2008 Profit

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