UPDATE: 3M Posts Downbeat Q1 Profit, Lowers 2013 Forecast

3M Company MMM reported a rise in its first-quarter earnings and lowered its 2013 earnings view. 3M's quarterly earnings surged to $1.129 billion, or $1.61 per share, from $1.125 billion, or $1.59 per share, in the year-ago period. Its sales climbed to $7.63 billion, from $7.49 billion. However, analysts were expecting earnings of $1.65 per share on revenue of $7.81 billion. 3M now projects 2013 earnings of $6.60 to $6.85 per share, versus analysts' estimates of $6.82 per share. The company had earlier expected earnings of $6.70 to $6.95 per share. 3M shares dropped 3.05% to $104.58 in pre-market trading.