News Summary: 3M 1Q profit

News Summary: 3M profit increases slightly, but it cuts 2013 guidance

Associated Press

FIRST QUARTER: Net income rose very little because of weaker demand and the impact of a weaker yen.

FOREIGN EXCHANGE: International companies like 3M have an advantage when the dollar is weaker, because it makes some of their goods cheaper for overseas buyers. The weaker yen makes 3M goods more expensive to Japanese buyers.

THE YEAR AHEAD: 3M reduced its 2013 profit guidance, and said the foreign exchange issues would cut revenue by 1.5 percent.

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