Diversified U.S. manufacturer 3M Co reported a 48 percent drop in quarterly profit and cut its full-year earnings forecast, citing falling demand and its customers' efforts to cut inventory.

The maker of products ranging from Scotch tape to optical films for liquid crystal displays said it expects full-year earnings to come to $3.90 to $4.30 per share, down from a prior forecast of $4.30 to $4.70.

It said on Friday that net income for the first quarter came to $518 million, or 74 cents per diluted share, down from $988 million or $1.38 cents a share, a year earlier.

The St. Paul, Minnesota, company is a bellwether of the U.S. economy because of its geographic reach and broad lineup of products.

Its shares fell 2.5 percent to $52.87 in pre-market trading.

(Reporting by Scott Malone; Editing by Derek Caney)