Diebold Nixdorf (DBD) stock soared over 5% in intraday trading on Wednesday, following the release of its fourth quarter and full year 2024 financial results. While the company's earnings were mixed relative to estimates, the driving force behind the rally appears to be the announcement of a new $100 million share repurchase program.

For the fourth quarter, Diebold Nixdorf reported adjusted earnings per share of $0.97, slightly missing analysts' consensus estimate of $1.05. However, revenue came in at $988.9 million, narrowly beating expectations of $987.8 million. The company cited ongoing strength in its banking and retail automation solutions businesses as supporting the top-line performance.

Investors seemed to shrug off the modest earnings miss, instead focusing on Diebold Nixdorf's plan to buy back up to $100 million of its own shares. Share buybacks are typically viewed as a positive catalyst for a stock, as they reduce the number of shares outstanding and boost earnings per share for remaining investors. The newly authorized repurchase program represents the company's first of its kind.