3M Co. (NYSE: MMM) reported first-quarter 2015 results before markets opened Thursday morning. The conglomerate posted diluted earnings per share (EPS) of $1.85 on revenues of $7.6 billion. In the same period a year ago, the company reported EPS of $1.79 on revenues of $7.83 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.93 and $7.84 billion in revenues.

Organic local-currency sales grew 3.3% and foreign currency translation reduced sales by 6.5% year-on-year.

3M lowered its full-year earnings expectation from a prior range of $8.00 to $8.30 per share to a new range of $7.80 to $8.10. Currency translation effects are now expected to cut full-year sales by 6% to 7%, up from a prior estimate of 4% to 5%. The current consensus analysts’ estimate calls for full-year EPS of $8.14 on sales of $32.01 billion.

The company maintained its forecast for organic local currency growth in a range of 3% to 6%.

The consensus analysts’ estimates for the second quarter call for EPS of $2.07 on revenues of $8.14 billion.

The company’s CEO said:

The stronger U.S. dollar negatively impacted sales and earnings in the first quarter, and global economic growth was mixed. Despite these near-term challenges, we grew organically in all business groups and all geographic areas, and expanded operating margins by nearly a full percentage point.

3M posted total quarterly sales growth only in its electronics and energy division, and that by just 0.8% (organic sales up 5.8% in local currency). Total consumer division sales were down 2.9% (up 2.1% in local currency) and total health care sales were down 3.3% (up 3% in local currency). The company’s largest division, industrial, posted total sales of $2.7 billion, down 4.3% but up 2.7% on an organic local currency basis. Safety and graphics division sales slipped 3.6% but were up 4.1% in local currency.

3M’s shares traded down nearly 2% in the premarket Thursday to $161.50. The current 52-week range is $130.60 to $170.50. Thomson Reuters had a consensus analyst price target of $168.00 before the report.

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