Light & Wonder reports net income increase in Q3
Consolidated revenue increased 3 per cent, while net income rose 78 per cent.
US.- Light & Wonder has reported results for the third quarter ended September 30. Consolidated revenue was $841m, up 3 per cent year-on-year, while net income rose 78 per cent to $114m and net income per share 89 per cent to $1.34.
Consolidated AEBITDA was $375m, up 18 per cent, and adjusted NPATA totalled $153m, up 15 per cent. Gaming revenue was $558m, up 4 per cent. Gaming operations revenue rose 38 per cent to $241m.
The company stated: “Light & Wonder delivered another quarter of strong earnings and cash flows underpinned by disciplined execution and game performance, while continuing to advance our robust content roadmap and cross-platform strategy, as demonstrated at G2E and AGE.”
Matt Wilson, president and chief executive officer of Light & Wonder, said: “I want to thank all stakeholders for their continued support, as we work toward completion of our transition to a sole primary listing on the Australian Securities Exchange (ASX), where we’ve been listed since 2022. This move simplifies our listing structure for shareholders and further enhances Light & Wonder’s profile within a Gaming-attuned Australian market.
“Our R&D engine continues to deliver world-class content, reflected in another strong quarter for Gaming operations and record iGaming performance. We are reinvesting in the business to drive long-term sustained growth, as evidenced by the number and quality of new games and hardware showcased at this year’s G2E. Additionally, we are thrilled to report that the integration of Grover Gaming into our omni-channel strategy is progressing well. The team is fully prepared to participate in the opening of the Indiana charitable gaming market, expected in the coming months.”
Oliver Chow, chief financial officer of Light & Wonder, added: “Our continued focus on operational excellence and disciplined execution once again drove year-over-year net income and consolidated AEBITDA growth. We are also pleased with the strong cash flow generated this quarter, which continued the trend we have seen throughout the year.”
The company recently provided notice to the Nasdaq of its intention to delist its common stock. The company plans to transition to a sole primary listing on the ASX. The Nasdaq will suspend trading after the close on November 12 and the delisting will become effective on November 13.
