3M slashes 2013 outlook on lower electronics demand
April 26 , 2013
Diversified US firm 3M cut its 2013 profit forecast on Thursday due to lower demand for flat-panel televisions. The outlook comes after both first-quarter profit and revenue came in lower than market expectations.
3M makes a range of products from Post-It notes to Scotch tape. Its consumer electronics segment makes films used in flat-panel TV displays.
The Minnesota-based firm posted first-quarter profit of $1.129 billion, or $1.61 per share, compared with $1.125 billion, or $1.59 per share, in the same period last year.
Profit per share missed analysts' estimates of $1.65.
Meanwhile, revenue rose 2 percent to $7.63 billion but missed the $7.81 billion estimate from analysts.