3M profits flat; cuts 2013 guidance
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3M's first-quarter profits rose only slightly, as the company posted net income of $1.1 billion.
Because the company includes a wide range of industries and sells products worldwide, its results are a closely-watched economic bellwether.
3M said it faced a "low-growth economic environment" and had to cope with a strong U.S. dollar which made products more expensive abroad.
Sales increased only 2 percent year-over-year to $7.6 billion. CFO David Meline said the unfavorable trends helped convince the company to slightly lower its profit forecast for the year.
"What we're signaling with the overall cut, is, frankly, a level of uncertainty overall in the business that is a little bit higher than we had when we entered the year," Meline said.
About two-thirds of the company's sales are outside the U.S.
The company's stock is down about 2 percent so far today.
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