Analyst: Strengthening dollar throws off 3M’s earning expectations

A weak dollar means bargains for foreign customers buying products from the United States. So when the dollar dropped to record lows last fall, the fortunes of multinational companies such as 3M headed in the other direction. Now that the dollar is climbing back, the profit forecasts for those companies are being thrown off course, the Wall Street Journal’s Marketbeat blog reports. In fact, the strengthening dollar could throw 3M’s earnings expectations off by $1.5 billion, according to a projection today by Citigroup analyst Jeffrey Sprague, who downgraded the company’s shares.

No comments yet

Leave a Reply