Shares of painting industry supplier Graco Inc. (NYSE: GGG) jumped as much as 8.4% in trading on Thursday after the company reported third-quarter 2023 results. Shares closed the day up 7.1%. 

Net sales fell 1% to $539.7 million, but the cost of goods sold dropped and led to a 15% increase in net income to $133.1 million, or $0.77 per share. Analysts were only expecting earnings of $0.73 per share, so that's where the market got excited. 

Management said there was a drop in demand in Europe, the Middle East, and Africa of 4%, which was largely to blame for the revenue drop. But price increases offset those lost sales and a drop in volume in the contractor segment. 

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Source Fool.com