3M on Tuesday reported an increase in sales in the third quarter and raised its full-year profit projection for the second time in 2025 — but also announced the sale of another business unit.

The Minnesota industrial giant posted more than $6.5 billion in sales in the latest quarter, up 3.5% year-over-year. Although its net income fell from $1.37 billion to $834 million, operating income climbed from $1.32 billion to $1.45 billion.

The company’s 22.2% operating margin was up 130 basis points over that span, and Reuters noted that the company raised its profit forecast from the earlier 1.5 to 2 percentage point increase up to 1.8 to 2 percentage points for the full year.

The stronger outlook, which followed 3M’s cost control initiatives and a move toward products with higher margins, prompted a jump in the company’s stock price. Reuters noted that the company introduced 70 new products in the quarter and expects to launch some 250 new products over the full year.

"I am very pleased with our teams' focus on reinvigorating organic top-line growth and improving operational performance resulting in another strong quarter," 3M Chairman and CEO Bill Brown said in a statement. "The 3M excellence model helped accelerate organic sales growth, increase margins, grow EPS double-digits and generate robust free cash flow.”

3M, which has shed numerous large business segments in recent years in a bid to become more nimble, also indicated that it intends to sell the precision grinding and finishing business from its abrasives division, Reuters reported.  The company recorded a $160 million pre-tax charge tied to the move, but did not disclose additional details. The announcement followed reports earlier this month that 3M was weighing the sale of billions worth of assets from its industrial operations.