Post-It maker lowers forecasts

3M Co., maker of Post-It notes and Scotch tape, lowered its 2008 earnings outlook and forecast 2009 profit below Wall Street expectations, citing slowing revenue in the weakening economy.

3M also said it cut nearly 1,800 positions in the fourth quarter, mainly in the U.S., Western Europe and Japan. The cuts are expected to save $170 million in 2009 and are in addition to the 1,000 jobs eliminated in the third quarter, which ended Sept. 30.

Investors were displeased, driving down shares $2.47, or 4.1%, to $57.38 even as the broader markets surged. 3M shares, which traded at $88.70 a year ago, have rebounded only slightly since bottoming at a 52-week low of $50.01 in October.

Chief Financial Officer Pat Campbell told analysts at a presentation in New York that 3M was looking at cutting an additional 500 jobs that would primarily affect the company’s international business.

“We’re still working on possibly more depending upon business conditions,” he added.

The Maplewood, Minn., manufacturer now expects earnings per share for 2008 of $5.10 to $5.15, down sharply from its previous estimate of $5.40 to $5.48 and well below Wall Street’s $5.43 average forecast, according to analysts surveyed by Thomson Reuters.

3M forecast 2009 earnings per share of $4.50 to $4.95, also widely missing analysts’ average estimate of $5.31 a share.