Diversified U.S. manufacturer 3M Co
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 fell 1.1 percent to $53.60 in premarket trading.
(Reporting Helen Chernikoff in New York and Scott Malone in Boston; Editing by Derek Caney and John Wallace)