3M maintains 2009 profit outlook below analyst estimates, sets 2010 view mostly below Street

3M maintains 2009 outlook below Street

ST. PAUL, Minn. — 3M Co. on Tuesday said its forecast for its 2009 profit remains unchanged, but below analyst estimates. It also offered a 2010 forecast range mostly under Wall Street predictions.

The manufacturing conglomerate predicted a full-year 2009 income of $4.50 per share to $4.55 per share, excluding special items.

Analysts, who typically exclude special items from their estimates, predict income of $4.57 per share for the year, according to a Thomson Reuters survey.

For 2010, 3M forecast earnings between $4.85 per share and $5 per share, on sales between $24.5 billion and $25.5 billion.

Analysts predict income of $4.94 per share in 2010.

The St. Paul, Minn.-based company said it plans to meet with investors and analysts later Tuesday and will outline its intention to boost investment in research and development and new product development in an effort to gain market share.

“We’ll continue to invest aggressively in our core and at the same time continue to make modest acquisitions at about the same rate we’ve been making in recent years,” said George Buckley, CEO of 3M.

Shares of the company fell $1.20 to $76.71 in premarket trading.