Friday affirmed its estimate for second-quarter earnings prior to a charge to cover the repatriation of overseas profits.
The consumer products giant expects to earn $1.08 to $1.10 a share in the quarter, prior to a charge of 10 cents a share to repatriate earnings. Analysts surveyed by Thomson First Call were forecasting $1.09 a share. After the charge, 3M will earn 98 cents to $1 a share.,
3M plans to repatriate $1.7 billion of profit that was earned overseas and had remained there prior to the adoption of the American Jobs Creation Act, which granted tax breaks for earnings repatriation. The charge to bring back the money will total about $75 million.
Shares fell 29 cents, or 0.4%, to $72.01.