On August 24, Birkenstock Holding plc rose 5.56% in pre-market trading, trading at $37.6/share, with turnover of $39,800. The rally was driven by the combination of better-than-expected fiscal Q3 results and a newly authorized share repurchase program.

The company reported fiscal Q3 revenue of 719.5 million euros, surpassing the FactSet consensus estimate of 715.3 million euros and up from 635 million euros a year earlier. Adjusted earnings per share came in at 0.74 euro, rising from 0.62 euro in the prior-year period and narrowly missing the analyst estimate of 0.75 euro. Management raised its full-year revenue growth guidance to 15%, up from the prior range of 13% to 15%, placing reported revenue at the high end of the 2.3 billion to 2.35 billion euro range.

Additionally, the company authorized a repurchase of up to $500 million in common stock from underwriters, with the shares currently in the process of being publicly offered. The buyback plan further reinforced investor confidence in the stock.

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