Diversified manufacturer 3M Co(MMM.N)posted a 7.1% rise in third-quarter revenue on Tuesday and tightened its full-year earnings forecast, citing disruptions in its supply chain network.
While demand for goods has rebounded with massive stimulus and the reopening of economies, a labor shortage and soaring raw material prices have left U.S. manufacturers in the lurch.
Last month, the maker of N95 face masks and Scotch-Brite home care products pointed to inflation coming in higher than expected, with cost pressures in resins, wood pulp and labor.
The company said it now expects 2021 earnings per share between $9.70 and $9.90, versus its earlier forecast range of $9.70 to $10.10.
Annual sales are expected to grow between 9% and 10%, compared to a prior forecast of 7% to 10%, 3M said.
Net income attributable to the company rose marginally to $1.434 billion, or $2.45 per share, in the quarter ended Sept. 30, from $1.430 billion, or $2.45 per share, a year earlier.
Net sales rose to $8.94 billion from $8.35 billion a year earlier.
3M shares slid nearly 1% in premarket trading.
