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.
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