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3M Sees 2009 Earnings Shy of Forecasts

3M said Tuesday it expects 2009 earnings of $4.50 to $4.55 a share excluding items, below the estimate of analysts of $4.57 a share.

Updated from 7:24 a.m. EST

ST. PAUL, Minn. (


) --


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said Tuesday it expects 2009 earnings of $4.30 to $4.35 a share, or $4.50 to $4.55 a share excluding items.

Analysts surveyed by Thomson Reuters estimate 3M will earn $4.57 a share in 2009.

In premarket trading Tuesday, shares of 3M were down about 2% to $76.39.

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3M also said 2010 earnings will be between $4.85 to $5 a share, while analysts anticipate earnings in 2010 of $4.94 a share. 3M said it sees sales of $24.5 billion to $25.5 billion, with organic sales volumes rising 5% to 7% and currency effects adding 2% to 3% to sales for the year.

Analysts forecast 2010 revenue of $24.46 billion.

3M is conducting an analyst meeting in New York Tuesday, at which it plans to announce its intention to "increase investment in research and development and new product development as a means to gain market share," 3M said in a press release.

-- Reported by Joseph Woelfel in New York


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