ST PAUL, Minn. (AP) _ 3M Co. (MMM) on Tuesday reported third-quarter profit of $1.54 billion.
On a per-share basis, the St Paul, Minnesota-based company said it had net income of $2.58.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.70 per share.
The maker of Post-it notes, industrial coatings and ceramics posted revenue of $8.15 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $8.42 billion.
3M expects full-year earnings in the range of $9.90 to $10 per share.
3M shares have dropped 14 per cent since the beginning of the year, while the Standard & Poor's 500 index has risen 3 per cent . The stock has declined 9 per cent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MMM at https://www.zacks.com/ap/MMM
The Associated Press