3m warns of slowdown in china, trims sales forecast - automotive air filters

(Reuters)-
3 m Company has become the latest major company in the United States. S.
Manufacturers warned that the slowdown in their Chinese business is hurting revenue as overall sales forecasts were adjusted on Tuesday.
3 m, which produces all products from adhesive tape to air filters, said sales of its global automotive and electronics business were sluggish due to weak demand from Chinese customers.
Wall Street investors have been spooked by a series of dismal forecasts from companies including iPhone maker Apple Inc. and heavy machinery maker Caterpillar, raising concerns about the slowdown in the world's second-largest economy.
3 m now expects organic sales to grow between 1% and 4%, compared with the previous estimate of 2 to 4%.
"It's not a huge drop, but it's a correction that was really driven by China in the first half of this year," said Mike Roman, CEO of 3 m, in a conference call with analysts.
Manufacturers of transparent tape and rear
The company noted that part of the slowdown in its Chinese business was due to improved air quality, reducing demand for 3 m.
Air filter.
The company also lowered its earnings forecast of 2019 to $10. 45 and $10.
$90 per share, $10. 60 to $11.
05/share, mainly due to its upcoming acquisition of M * Modal's technical business, a healthcare service provider.
Overall, Minnesota
Manufacturers at headquarters have a more positive view of global trade tensions, reducing estimates of the blow to a comprehensive
Annual trade tariff revenue reached $70 million.
Earlier, the company was expected to hit $100 million.
"Some of the tariff issues we expected were not as bad as we estimated," said 3 m Chief Financial Officer Nicholas Gangestad . ".
Shares of 3 m rose by 3.
$ 1% to $198.
97 after reporting better on Tuesdaythan-
Expected sales and profits for the fourth quarter. (
The report was made by Udai Sampath Kumar in Bangalore.
The editor said: Satin raikumar)