NEW YORK (CNN/Money) - 3M Co. said Monday it expects second-quarter earnings to beat Wall Street forecasts.

The St. Paul, Minn.-based maker of Post-it notes, Scotch tapes and other products said it expects to earn $1.33 per share in the quarter, excluding one-time items, up from $1.12, excluding one-time items, a year ago. Wall Street analysts expected 3M to earn $1.25 a share, according to earnings tracker First Call.

In the first quarter, 3M reported better-than-expected earnings, helped by cost-cutting measures including 4,500 job cuts made between May 2001 and March 2002. Another 1,500 job cuts are planned.

When the company reported first-quarter earnings, it also said it expected to earn $1.23 per share in the second quarter, saying it still saw a "challenging" economic environment.

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Manufacturing in the United States suffered a prolonged recession throughout 2001 and much of 2000, as businesses cut back their spending in the wake of a boom in the late 1990s, leading to more than a million job cuts and a recession in the broader economy.

Shares of 3M (MMM: Research, Estimates), formerly known as Minnesota Mining and Manufacturing, fell $2.17 Friday to close at $123.