Diversified US manufacturer 3M cut its 2013 profit forecast yesterday, citing weakening demand for electronics products as well as foreign currency fluctuations. The lowered outlook came after first-quarter profit and revenue both missed Wall Street expectations.

3M, which makes a range of products from Post-It notes to films used in television screens, blamed falling sales in its consumer electronics segment.

Executives had expected weak demand for electronic insulation, computer touch screen materials as well as fluids used to make computer chips, but they said actual sales were worse than feared.

“We expected a challenging start to the year but in fact market conditions were tougher than we had expected,” chief executive Inge Thulin said in a conference call with investors. – (Reuters)