11:49 AM EDT, 04/03/2024 (MT Newswires) -- (Updates to add stock move in the headline and the first paragraph.)

Signet Jewelers ( SIG ) shares surged more than 11% in recent trading after the company said Wednesday that it has raised its fiscal 2025 non-GAAP earnings per diluted share guidance to between $9.90 and $11.52, up from the previous range of $9.08 to $10.48, citing preferred share transactions.

The company said it has agreed with Leonard Green & Partners to amend the terms of its Series A convertible preference shares to net share settlement and the repurchase of half of the preferred shares.

Signet Jewelers ( SIG ) said it estimates the settlement transaction will reduce its diluted share count by 2.9 million shares, or 5%, and the repurchase by 4.1 million shares, or 7.6%.

In addition, Signet Jewelers ( SIG ) said it plans to earmark up to $1.1 billion to a combination of share buybacks, retiring preferred shares and retiring outstanding debt during fiscal 2025.

Price: 105.81, Change: +10.74, Percent Change: +11.30