Stagwell rises on higher revenue, increase in stock repurchase program

Stagwell

02/03/2023 17:32

** Shares of marketing and communications company Stagwell
Inc  STGW.O  rise 15.5% to $7.84, an over three-month high
    ** Company reports Q4 revenue of $708 mln, up 16% over the
year earlier; FY22 revenue at $2,688 mln, an increase of 83%
    ** Also reports Q4 net loss of $0.05 per share vs profit of
$0.01 per share a year earlier
    ** STGW expects to report 7.5%-10% organic net revenue
growth and adj profit of $0.90-$1.05 per share in 2023
    ** Stagwell's board also authorizes a $125 mln increase in
the current class A stock repurchase program, which will expire
on March 1, 2026
  ** Shares fell ~28% in 2022

 (Reporting by Yamini Kalia)
 ((Yamini.Kalia@thomsonreuters.com))