adminBy Will Feuer
Shares of Clear Secure rose after the identity-verification company reported third-quarter results, boosted its share buyback authorization and declared a special dividend.
The stock jumped 14% to $20.23 in morning trading. Shares are still down more than 26% this year.
Earlier Wednesday, Clear Secure raised its quarterly dividend by two cents to 9 cents a share, and declared a special dividend of 55 cents a share. The company’s board also authorized a $100 million increase to its stock-repurchase program, which now has about $128 million remaining on the authorization.
For the third quarter, Clear Secure swung to a profit of $26.9 million, or 17 cents a share, from a loss of $65.6 million, or 44 cents a share, in the same period last year.
Stripping out one-time items, adjusted earnings were 21 cents a share, above the 12 cents a share analysts had expected, according to FactSet.
Revenue rose more than 38% to $160.4 million, above the $153.5 million expected by analysts. Bookings rose almost 32% to $191.7 million, above the $179 million that analysts had expected.
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