Light & Wonder reported Wednesday a 12% year-on-year increase in revenue to US$817 million in 3Q24, including a 15% increase in revenue from Gaming to US$537 million. Both consolidated revenue and revenue from the Gaming segment were essentially flat versus the June 2024 quarter.
The Q3 result, driven by global gaming machines sales growth and strength in the North American market, helped Light & Wonder achieve Adjusted EBITDA of US$319 million, up from US$286 million in 3Q23 although down from US$330 million in Q2. Net income of US$64 million was also down from US$80 million a year ago and from US$82 million in Q2 due to higher restructuring costs and costs related to legal matters, the company explained.
Nevertheless, all segments showed year-on-year growth with SciPlay up 5% to US$206 million, driven by the social casino business, and iGaming revenue up 6% to US$74 million on continued momentum in North America.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, said, “Our results once again reflect the relentless collective efforts of the talent across our organization underpinned by our robust and scalable R&D platform.
“At G2E and AGE, we showcased a wide array of products that demonstrated the diversity and strength of our portfolio and franchises. We will continue to execute on our cross-platform strategy focused on innovative content and products as a leading global end-to-end gaming technology solutions provider. Our team is committed and engaged as we stay on course through the execution chapter of our journey to reach our target.”
The company reiterated its intention to achieve its 2025 EBITDA target of US$1.4 billion while reducing debt. As of 30 September 2024, outstanding debt was US$3.9 billion with net debt leverage ratio of 2.9x representing a 0.2x decrease from end-2023.
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