Spurred by trade talks between the U.S. and China, stocks were in positive territory on Thursday. The Dow Jones Industrial Average gained 0.64% to 26,384, the S&P 500 index rose 0.21% to 2,879 and the Nasdaq Composite Index fell 0.05% to 7,892.
Shares of RPM International Inc. (RPM) gained 2% on Thursday after the company announced third-quarter results. Revenue grew 3.6% from the prior-year quarter to $1.14 billion, which was in line with expectations. Earnings of 14 cents per share beat estimates by 3 cents.
Sales in the industrial segment grew 2.1% from the prior-year quarter to $580.9 million. Organic sales improved 4.8% and acquisitions added 1.3%.
Further, the industrial segment’s earnings before interest and taxes was $13.9 million, down from $20.3 million in the year-ago quarter. Excluding some charges, EBIT declined from $19.5 million to $5.6 million.
Looking ahead to the fourth quarter of 2019, the company expects adjusted earnings between $1.12 and $1.16 per share.
The main European stock markets were mixed. The U.K.’s FTSE 100 slid 0.22%, France’s CAC 40 fell 0.09%, Germany’s Dax rose 0.28% and Spain’s IBEX 35 gained 0.49%.
In Asia, Japan’s Nikkei 225 gained 0.05%, India’s BSE Sensex dipped 0.49%, Hong Kong’s Hang Seng retreated 0.17% and China’s Shanghai Composite rose 0.94%.
Disclosure: The author holds no positions in any stocks mentioned.
About the author:
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.