3 m has result below the expected in the first quarter

The diversified manufacturer 3 m had bigger profit and revenue in the quarter, but the result came in below Wall Street estimates, since exchange rate effects weighed on sales and costs soared.
The company, whose product line includes sticky notes Post-it and plastic film for flat screen televisions, reiterated financial targets for the full year.
Net income for the first quarter climbed to 1.21 billion dollars, or 1.79 dollars per share, against 1.13 billion dollars, or $ 1.61 per share, a year earlier.
Analysts expected, on average, profit of $ 1.80 per share, according to Thomson Reuters I/B/E/s.
Revenues increased 2.6 percent to 7.83 billion dollars, down from 7.96 billion expected by analysts.
Without a reduction of 2 percent caused by Exchange rates, revenues would have risen 4.6 percent, said the company.
3 m projected profit for the entire year in the range of 7.30 to 7.55 dollars per share about a growth of 3 to 6 percent in sales. Analysts expect profit of around 7.46 u.s. dollars per share.