3M's (MMM) CFO issued a wake-up call to the bulls headed into third-quarter earnings season: respect inflationary forces, or else.
Shares of the Scotch tape maker fell 3% on Wednesday as CFO Nick Gangestad warned that inflationary pressures would clip earnings more than expected this year. The company sees a 10 cents a share hit from higher raw materials costs, Gangestad said at a Morgan Stanley conference. 3M previously saw a 5 to 10 cents a share hit.
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