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3M cuts guidance; sales fall on currency impacts

9:46 AM MDT | October 24, 2012 | Vincent Valk

3M’s third-quarter net income rose 6.7% year-on-year (YOY), to $1.16 billion, on sales down 0.4%, to $7.5 billion. Sales were up 2.2% in local currencies, but currency impacts reduced sales by 3.1%. Net income totaled $1.65/share, matching analysts’ consensus, as reported by Thomson Reuters (New York).   The company’s industrial and transportation segment, which includes its chemical business, saw sales fall 0.5% YOY, to $2.6 billion, on negative currency impacts. Organic sales were up 3.3% in local currencies, but currency impacts reduced...

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