Casino equipment and online gaming provider Light & Wonder Inc L&W reported first-quarter revenue of $756 million, up 12.8% year-over-year. Its latest quarter revenue fell 1.8% sequentially, according to a press release Wednesday.
The company said revenue growth was driven by “double-digit sustained revenue growth” across all of its businesses, which led to strong revenue growth.
“We started 2024 strong, achieving 12 consecutive quarters of consolidated revenue growth and generating strong cash flow year-over-year as we continue to execute our strong content roadmap and cross-platform strategy,” Light & Wonder said.
The company reported a 272.7% year-over-year increase in first-quarter net income attributable to shareholders to $82 million. On a sequential basis, these net income increased 24.2% from the last quarter of 2023.
Consolidated adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12.9% year over year to $281 million.
The group is divided into three main categories: athletics gaming; digital gaming; SciPlay; and iGaming.
Wednesday’s announcement quoted Light & Wonder’s president and CEO Matt Wilson as saying the group’s global product offerings “drive game sales growth in North American neighbours and in international markets led by Australia and Asia.”
“The quarterly results demonstrate our action plan, and we expect growth to improve further due to key hardware and content launches in both our land-based and digital markets throughout the year,” the CEO said.
Light & Wonder’s first-quarter earnings beat market consensus, JPMorgan said in a note on Thursday, “The beat comes from a land-based game, with SciPlay missing some average daily earnings per active user as a result of softness.”
“Gaming machine sales are concentrated around Australia and the outlook here is clear as the installation of [dragon train slots] in the U.S. market began in late March,” analysts Don Karducci, Michael James and Dylan Adrian wrote.
“The results from the subsequent quarter will show a strong rollout of this gaming family with continued momentum in Australia,” they added.
Light & Wonder shipped 9,696 new game console products in the three months to March 31, up 26.3% year-over-year. Shipments in the first quarter of 2024 saw 5,259 units sold in international markets such as Asia-Pacific, up 45.2% year-over-year.
The value of global gaming console sales was flat quarter-over-quarter, but increased 29.7% year-over-year to $205 million.
Total revenue for the gaming sector, including the gaming business, was $476 million, up 13.6% year over year.
BY: 바카라사이트윈