3M Co.  (MMM) - Get Report  tumbled on Tuesday, Oct. 23, after third-quarter profit missed expectations and the company cut its full-year earnings forecast.

The maker of Post-it notes reported a third-quarter profit of $2.58 a share, which missed estimates of $2.70. Revenue of $8.15 billion also missed expectations of $8.41 billion, according to FactSet.

3M's safety and graphics business unit saw sales increase 7%, but the company's health care, electronics and energy and consumer businesses all experienced declining sales. The industrial unit's revenue was flat.

3M cut its full-year adjusted earnings to be in the range of $9.90 to $10 a share, which is below the consensus estimates of $10.28.

Shares of 3M, which is a holding in Jim Cramer's Action Alerts PLUS charitable trust, fell 4.4% to $192.58. The stock has declined about 18% year to date.

Cramer and the AAP team called the quarterly results "disappointing," but said, "3M is a historically consistent company that tends to work itself out over time, so we do not condone selling when it looks bleakest."

3M is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells MMM? Learn more now.