24/7 Market News Snapshot 12 November, 2024 – Alight, Inc. (NYSE:ALIT)
DENVER, Colo., 12 November, 2024 (247marketnews.com) – (NYSE:ALIT) are discussed in this article.
Alight, Inc. (ALIT) initiated trading today at $8.60, currently priced at $8.625, reflecting a significant rise of approximately 15.62% from the previous close of $7.46. This surge indicates a robust bullish sentiment among investors, likely influenced by recent positive developments. Current trading volume stands at 9.33 million shares, signifying heightened market interest. Traders are advised to monitor key technical benchmarks, with resistance anticipated at $8.75 and support projected around $8.50, as these levels may guide potential price movements during the session.
In conjunction with this market activity, Alight has recently disclosed robust third-quarter results for 2024, showcasing a focused strategy that has spurred operational efficiencies. Revenue for the third quarter was reported at $555 million, displaying a modest decline of 0.4% year-over-year. Nevertheless, the Business Process as a Service (BPaaS) segment delivered an impressive 18.6% growth, reaching $121 million and representing 21.8% of total revenue.
CEO Dave Guilmette remarked on the performance, asserting that Alight has exceeded expectations in both revenue and profitability, bolstered by its leading role in employee benefits and wellbeing solutions. The gross profit increased to $174 million, translating to a gross profit margin of 31.4%, an improvement from 29.8% a year earlier. Adjusted EBITDA also rose to $118 million, reaffirming a solid adjusted EBITDA margin of 21.3%. Although the company reported a net loss of $44 million, this reflects ongoing initiatives to optimize operations and enhance shareholder value.
To further this aim, Alight’s Board of Directors has instituted a quarterly dividend program, declaring a cash dividend of $0.04 per share. Looking forward, Alight projects fourth-quarter revenues between $665 million and $685 million, alongside anticipated adjusted EBITDA of $208 million to $233 million, positioning the company for sustained growth in a dynamic market.