3M Co. cut its sales outlook for the year as the manufacturing giant's struggling electronics and energy business continued to crimp growth in other segments in its latest period.

Shares slipped 1.5% premarket to $176.91.

The St. Paul, Minn.-based company has posted weaker sales results recently amid slowing demand in some markets, including materials used in consumer electronics, such as adhesives and films that go into screens for computers, tablets and phones.

The company narrowed its earnings outlook for the year to a range of $8.15 to $8.30 from a prior range of $8.10 and $8.45 a share. It also reduced its organic sales growth forecast to a range of flat to 1% growth amid weakening market conditions, particularly overseas. The company previously guided for organic sales growth of 1% to 3%.

In the latest quarter, sales in the electronics and energy segment fell 10% to $1.2 billion, with foreign currency translation cut sales by 0.9%. Electronics-related sales fell 14%, hurt by declines in both electronics materials solutions and display materials and systems. Energy-related sales slipped 2%, hurt by declines in electrical markets and renewable energy.

Industrial segment sales edged down 0.1% to $2.6 billion, with foreign currency translation reducing sales by 1.3%.

Over all, 3M reported a profit of $1.29 billion, or $2.08 a share, compared with $1.3 billion, or $2.02 a share, a year earlier. Analysts polled by Thomson Reuters expected $2.02 a share.

Sales edged down 0.3% to $7.66 billion, below the $7.71 billion expected by analysts. The company said foreign-currency translation reduced total sales by 1.5%.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

July 26, 2016 08:35 ET (12:35 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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