By Ben Glickman
Shares of Alight rose Wednesday after the cloud-based technology and consulting company raised its outlook for full-year adjusted profit.
The stock was up 12%, to $7.45, in afternoon trading. Shares are down 11% this year.
Lincolnshire, Ill.-based Alight said it now expects adjusted earnings of 65 cents to 69 cents per share in 2023, compared with prior guidance of 62 cents to 67 cents a share. Analysts polled by FactSet expect full-year adjusted earnings per share of 65 cents.
Alight reaffirmed its revenue guidance for the year of $3.47 billion to $3.51 billion.
The company said that more than 95% of its projected revenue for the year was already under contract at the end of the third quarter, with over $2.7 billion in revenue already under contract for 2024.
Alight posted a third-quarter loss of $48 million, or 10 cents a share, compared with a loss of $37 million, or 8 cents a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 7 cents.
Adjusting for certain one-time items, the company logged a profit of 14 cents a share, more than the 12 cents expected by analysts.
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