3M profits down 48 percent

April 24, 2009 5:10:07 AM PDT
M Co., which makes Scotch tape, asthma inhalers, and film used in LCD televisions, says its first-quarter profit fell 48 percent, as the weak global economy hurt sales of office supplies, steel coatings and health care products. 3M is also cutting its 2009 earnings forecast.

The Maplewood, Minn.-based company, says it earned $518 million, or 74 cents per share, in the latest quarter, compared with $988 million, or $1.38 per share, a year earlier.

It says revenue slipped 21 percent to $5.1 billion.

The conglomerate, a component of the Dow Jones industrial average, has announced several rounds of job cuts recently.

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