Stagwell Inc. ( (STGW) ) has released its Q3 earnings. Here is a breakdown of the information Stagwell Inc. presented to its investors.
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Stagwell Inc., a challenger network in the marketing industry, specializes in delivering creative performance for global brands by integrating cutting-edge technology and creative strategies. In its latest earnings report for the third quarter of 2024, Stagwell Inc. showcased a robust financial performance, with a 15% year-over-year revenue increase and notable gains in its Digital Transformation sector, which grew by 25%.
Key highlights from the earnings report include a net income of $3 million attributable to common shareholders and an adjusted EBITDA of $111 million, reflecting a 9% increase from the previous year. The company’s adjusted earnings per share rose to $0.22, up from $0.18 in the prior year. Stagwell also reported an impressive net new business of $101 million for the quarter, contributing to a record-breaking $345 million over the last twelve months.
Stagwell’s financial outlook remains optimistic, as the company reaffirms its guidance for 2024, projecting organic net revenue growth between 5% and 7% and adjusted EBITDA ranging from $400 million to $450 million. Additionally, the company has announced a significant $125 million increase in its stock repurchase program, aiming to repurchase up to $375 million worth of its Class A common stock by 2027.
Looking ahead, Stagwell Inc. remains confident in its strategic direction and market positioning. With sustained momentum in its digital capabilities and an expanding client base, the company anticipates a strong finish to the second half of the year, driven by the ongoing success of its digital transformation initiatives and new business opportunities.
