ST. PAUL, Minnesota ( TheStreet) -- 3M ( MMM), a component of the Dow Jones Industrial Average, earned $1.09 billion, or $1.52 a share, in the third quarter, below analysts' estimates, and it cut its forecast for 2011 earnings. Sales in the quarter rose to $7.53 billion from $6.87 billion. Analysts polled by Thomson Reuters expected the industrial and technology conglomerate to earn $1.61 a share on revenue of $7.78 billion. 3M expects 2011 earnings to be in the range of $5.85 to $5.95 a share, down from a prior expected range of $6.10 to $6.25 a share. Included in the estimate is an increase of 22 cents a share in pension and post-retirement benefit expenses. Excluding these expenses, 2011 earnings would be in the range of $6.07 to $6.17 a share, up 8% to 10% from last year. 3M said Tuesday it also expects full-year organic sales volume growth of 3% to 4%, versus a prior expected range of 6% to 7.5%. "The business environment remains challenging, as the economic softening that we experienced late in the second quarter continued into the third," said George Buckley, 3M chairman and CEO, in a statement. "Looking ahead, early evidence suggests slower growth will persist through year end, therefore we are responding to lower demand with aggressive cost management and operational discipline in developed economies," Buckley said. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.