Wolters Kluwer Revenue Rises, Plans EUR100 Million Buyback
By Anthony O. Goriainoff
By Anthony O. Goriainoff
Wolters Kluwer said revenue for the first nine months of the year rose, and that it will launch a share buyback program of up to 100 million euros ($105.8 million) in January.
The Netherlands-based information, software and services company said Wednesday that revenue for the period rose by 5% organically, and that the level of share buybacks left it with headroom to support its dividend plans, sustain organic investment, and make selective acquisitions.
Recurring revenue--which makes up 82% of the group total--rose 7% organically, with non-recurring revenue down 2%.
Total revenue was up 2% overall, reflecting the effect of a weaker dollar, especially in the third quarter, it said.
Nine-month adjusted operating profit--a metric that strips out exceptional and other one-off items--fell 2% on a constant-currency basis.
The company backed its guidance, saying it expected group-level adjusted operating profit margin to increase in the fourth quarter, leading to a full-year margin improvement. Adjusted free cashflow guidance for the year is EUR1.20 billion, with restructuring costs for the year in the EUR10 million to EUR15 million range.
"The down-cycle in transactional revenues has lasted longer than we expected, but we are nonetheless on track to deliver good organic growth and margin improvement for the full year," Chief Executive Nancy McKinstry said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
Corrections & Amplifications
This article was corrected at 0829 GMT because the original incorrectly said Wolters Kluwer had named Puffer as CFO. Weir Group has named Brian Puffer as its chief financial officer.
(END) Dow Jones Newswires
November 01, 2023 03:56 ET (07:56 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?
-
A Cheap Dividend Aristocrat to Buy Before It Bounces Back