Shares of the company were down 2.9% before the bell.

"We continue to execute our strategies and deliver for our customers in a highly uncertain environment," 3M Chairman and Chief Executive Officer Mike Roman said in a statement.

The surging U.S. dollar is likely to weigh on overseas earnings of the company, which operates in more than 70 countries and derives about 60 percent of its revenues from outside the United States.

Typically, a stronger dollar eats into the profits of companies that have sprawling international operations and convert foreign currencies into dollars.

3M forecast cut also comes as the U.S. central bank's rapid pace of interest rate hikes to combat decades-high inflation risk tipping the economy into a recession.

It also comes as 3M, like other industrial firms, are scrambling to keep up with soaring costs of everything from labor to raw materials, after the Russian invasion of Ukraine and related Western sanctions drove up energy prices.

The company now expects full-year revenue to fall between 3.5% and 3%, down from its previous forecast of a 2.5% to 0.5% fall.

3M forecast adjusted earnings per share between $10.10 and $10.35 for the year, down from its previous guidance of $10.30 to $10.80.

3M reported third-quarter revenue of $8.62 billion, missing the average analyst estimate of $8.70 billion, according to Refinitiv data.

Excluding items, 3M earned $2.69 per share, beating estimates of $2.60, according to Refinitiv data.