3M Sales, Profits Fall in Fourth Quarter

Maplewood, MN, Jan. 30, 2009--3M Co. said its fourth-quarter net income fell 37% on a restructuring charge, lower margins and falling international sales.

The company also cut its 2009 outlook because of economic uncertainty and challenges in its markets.

Chief Executive George Buckley said the company planned to reduce capital spending by about 30% this year and is working "aggressively" to conserve cash.

The manufacturer posted net income of $536 million, or $0.77 a share, down from $851 million, or $1.17 a share, a year earlier.

Revenue decreased 11% to $5.51 billion, hurt by a stronger dollar.

Operating margins fell to 43.7% from 46.9%.

3M said last month it would cut at least 2,300 jobs, or about 3% of its work force.