3M's 2nd-Quarter Performance Mixed

ST. PAUL, Minn. (AP) — Some lower expenses helped 3M post a higher profit in the second quarter, but foreign currency translation pressured its revenue.

The maker of Post-it notes, industrial coatings and ceramics also cut the high end of its forecasted range for 2015 earnings, citing lower-than-expected global economic growth.

For the three months ended June 30, 3M earned $1.3 billion, or $2.02 per share. That compares with $1.27 billion, or $1.91 per share, a year ago.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.99 per share.

Shares climbed slightly in Thursday premarket trading.

Operating expenses declined to $5.85 billion from $6.28 billion.

Revenue for the St. Paul, Minnesota-based company dropped to $7.69 billion from $8.13 billion as sales declined across its business segments.

Six analysts surveyed by Zacks expected higher revenue of $7.9 billion.

For 2015, 3M Co. now anticipates earnings between $7.80 and $8 per share. Its previous guidance was for $7.80 to $8.10 per share.

Analysts polled by FactSet predict full-year earnings of $7.91 per share.

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