August 14, 2024 - $Flutter Entertainment (FLUT.US)$ shares surged 11.12% to $212.67 on Wednesday. The company announces Q2 2024 results and raises fiscal year 2024 guidance following material Q2 outperformance relative to expectations.

Q2 Highlights

• Net income of $297m, $233m higher year-over-year, reflected strong revenue performance.

• Group Adjusted EBITDA +17% to $738m with Adjusted EBITDA margin of 20.4%.

• Increases in Diluted earnings per share and Adjusted earnings per share of $1.08 and $0.94 primarily due to the year-over-year impact of the Fox Option of $0.51.

• Net cash provided by operating activities increased $282m to $323m as operational performance converted well to cash.

Full year 2024 guidance highlights

• Guidance raised to reflect strong performance in Q2, positive sports results benefit and continued momentum into Q3.

• Improvement now implies Group revenue +20% year-over-year and Adjusted EBITDA +34% at the midpoints:

     -US revenue increase of 3% to $6.2 billion.

    -US Adjusted EBITDA increase of 4% to $740m after an estimated H2 gross impact of $50m, $40m net of mitigation, from Illinois gaming tax increase.

    -Group Ex-US revenue and Adjusted EBITDA increases of 2% to $8.0bn and $1.77bn, respectively.