XP Q3 Earnings, Revenue Rise; Share Buyback Program Approved

MT Newswires Live11-20 05:59

XP (XP) reported Q3 earnings late Tuesday of 2.18 Brazilian reais ($0.38) per diluted share, up from 1.96 reais a year earlier.

Analysts polled by FactSet expected 2.19 reais.

Net revenue for the quarter was 4.32 billion reais, up from 4.13 billion reais a year earlier.

Analysts surveyed by FactSet expected 4.38 billion reais.

Separately, the company said its board has approved a cash dividend of $0.65 per share, payable Dec. 18 to shareholders of record as of Dec. 10.

Additionally, XP's board approved a stock repurchase program that allows the company to buy back up to the equivalent of 1 billion Reais worth of its outstanding class A common shares. The program will run until Nov. 20 next year, subject to market conditions.

Shares of XP were down 4% in after-hours activity.

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