Problems In Asia Reduce 3m Earnings

Thu., Dec. 18, 1997

Compiled From Wire Services

Economic weakness in Asia and a strong U.S. dollar are hurting 3M, which said Wednesday it expects its fourth-quarter earnings to fall short of Wall Street estimates.

Minnesota Mining & Manufacturing Co. said the economic troubles in Asia, as well as Brazil, would cut into its profits by about 10 percent, leaving earnings around the same level as a year ago.

Analysts had been expecting the company to have a $1.01 profit for each share of stock in the fourth quarter, but the company’s announcement Wednesday means earnings will be closer to the 92 cents per share earned last year.

L.D. DeSimone, chairman and chief executive officer, said the increasing strength of the U.S. dollar would have a large, negative impact on fourth-quarter results.

“In addition, economic weakness in Japan, Asia and Brazil, as well as more moderate U.S. sales growth, are holding back fourth-quarter sales and profit gains,” he said.

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Problems In Asia Reduce 3m Earnings

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