3M (MMM) - Get 3M Company Report warned that second-quarter earnings would come in between $1.10 and $1.14 a share, which is below Wall Street's consensus forecast and the year-ago bottom line.

According to

Thomson Financial/First Call

, analysts expect 3M to earn $1.19 a share in the quarter. The company earned $1.18 in the year-ago period. Currency effects will lower earnings by 7 cents a share, as the strong dollar continues to sap profitability.

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The company said that the economic slowdown was chewing into its income, with the notable exception of the company's health care unit. If the economy stays at its current level, 3M estimated that 2001 earnings would come in at the low end of a range from $4.50 to $4.75, lower than the guidance of $4.75 to $5 a share the company had earlier.