Stock Track | Iamgold Stock Soars on Impressive Q3 Results and Share Buyback Plan

Stock Track11-09

Shares of Iamgold Corp (IAG) surged 10.35% on November 8, 2024, following the release of the company's robust third-quarter financial results and the announcement of a new share buyback program.

For the third quarter of 2024, IAG reported a remarkable 7.9% increase in total revenue, driven by strong demand in its core markets, particularly on lucrative routes like the North Atlantic and London-New York. The company's operating profit soared by 15.4% to over €2 billion, surpassing analysts' expectations.

Buoyed by its impressive financial performance, IAG announced a €350 million share buyback program, scheduled to commence on November 13, 2024. The buyback plan includes purchasing shares from both the open market and Qatar Airways, which agreed to maintain its 25.143% stake in the company. This move underscores IAG's confidence in its strategy, business model, and long-term prospects, signaling a robust recovery for the airline group.

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