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New York (Bloomberg)

3M stock falls most since 2009 on 2010 forecast cut, 2011 pension cost

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3M Co., the maker of Scotch tape and optical films used to brighten TV screens, fell $5.30, or 5.9 percent, the most since February 2009 in New York trading after cutting its 2010 profit forecast and saying pension costs would hurt earnings next year.

Full-year profit will be 6 cents lower than previously forecast because of acquisitions announced during the quarter, Maplewood-based 3M said today in a statement. Earnings reductions in 2011 include 30 cents for pension expenses and 8 cents for a change in vacation benefits, 3M said.

3M had said recent acquisitions would initially decrease results. It is buying Cogent Inc., a maker of fingerprint identification systems; Attenti Holdings SA, a maker of electronic tracking tools including ankle bracelets; and Arizant Inc., a maker of blankets used to protect hospital patients against hypothermia.

The company sees full-year profit of at most $5.74 a share, compared with a previous forecast of as much as $5.80.

Net income advanced 16 percent to $1.11 billion, or $1.53 a share, exceeding analysts' estimates by 2 cents, as sales of consumer-electronics components climbed.

Revenue increased 11 percent to $6.87 billion, helped by emerging markets. Almost two-thirds of the company's sales are from outside the U.S. Analysts, on average, estimated $6.79 billion, based on data compiled by Bloomberg.