Summary Box: 3M lowers outlook on slowing growth

AP News
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Posted: Oct 25, 2011 3:38 PM
Summary Box: 3M lowers outlook on slowing growth

EYEING DECLINE: Manufacturing conglomerate 3M Co. on Tuesday lowered its earnings and sales expectations for 2011 on slowing imports from overseas _ especially in products like LCD TVs and other electronics from Asia that drive its business.

SUMMER STRUGGLE: Third-quarter earnings fell about 2 percent to $1.09 billion, or $1.52 per share. Revenue rose 10 percent to $7.53 billion, driven mostly by acquisitions and gains in foreign exchange.

BY UNIT: Revenue in the company's industrial and transportation unit _ its biggest segment _ grew by double-digits, as did sales in safety, security and protection services and health care. The 3M unit most familiar to many people _ consumer and office _ posted a 4.6 percent revenue increase.