3M Lowers Full-year Earnings Outlook as Q3 Earnings Fall, Miss Wall St. Estimates

Americans put the brakes on purchases of LCD TVs and other electronics this summer. That didn't help manufacturers like 3M Co.—which rely on those expensive goods to drive business.

The manufacturing conglomerate on Tuesday lowered its earnings expectations for the year, mostly because of slowing imports from Asia. About 70 percent of the company's sales are generated from products made overseas. Many are sold in the U.S.

3M shares sank 6.2 percent, or $5.13 to $77.05 in afternoon trading. The Maplewood, Minn., company now expects to earn $5.85 to $5.95 per share compared with $6.10 to $6.25 per share previously.