{"id":1315,"date":"2024-11-12T22:12:56","date_gmt":"2024-11-12T23:12:56","guid":{"rendered":"http:\/\/buckinghamshire-removals.co.uk\/?p=1315"},"modified":"2024-11-14T15:00:38","modified_gmt":"2024-11-14T15:00:38","slug":"flutter-q3-results-easily-top-wall-street-estimates","status":"publish","type":"post","link":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/2024\/11\/12\/flutter-q3-results-easily-top-wall-street-estimates\/","title":{"rendered":"Flutter Q3 Results Easily Top Wall Street Estimates"},"content":{"rendered":"

Shares of Flutter Entertainment (NYSE: FLUT) rallied in extended trading on Tuesday after the gaming company reported third-quarter results that soundly beat Wall Street forecasts.<\/p>\n

\"Flutter
The Flutter logo seen in an investor deck. The company tightened fourth-quarter guidance and expects to start buying back stock this week. (Image: Flutter Entertainment)<\/figcaption><\/figure>\n

The FanDuel parent said it earned 43 cents per share on revenue of $3.25 billion during the July through September period. That earnings per share figure isn’t based on generally accepted accounting principles (GAAP). Analysts expected Flutter to post earnings of 23 cents on sales of less than $3.20 billion. In the US, where FanDuel is one of the largest online sportsbook operators, Flutter benefited from a strong start to the 2024 NFL season.<\/p>\n

\n

In the US, we had a fantastic start to the new NFL season with peak wagers per minute already higher than Super Bowl LVII. Our proprietary product offering continued to drive strong parlay penetration as well as a step up in live betting handle,\u201d observed CEO Peter Jackson in a statement.<\/p>\n<\/blockquote>\n

Flutter\u2019s US third-quarter results were buoyed by average monthly player (AMP) growth of 28%, as well as by 10% year-over-year growth in customer acquisition<\/a>. The operator highlighted AMP growth of 23% in the states in which it launched mobile sports wagering prior to 2022, and an increase of 37% in the states in which it went live in 2022 and 2023.<\/p>\n

Flutter Tightens FanDuel Guidance<\/h2>\n

Flutter tightened its 2024 guidance for FanDuel, following suit with some rivals<\/a> that cited bettors beating the house in October. The company trimmed the mid-points of its EBITDA and revenue forecasts by 4% and 1%, respectively.<\/p>\n

\n

The Dublin-based operator now expects its US business to post fourth-quarter sales of $6.05 billion to $6.25 billion and EBITDA of $670 million to $750 million. That\u2019s down from previous forecasts of revenue of $6.05 billion to $6.35 billion and EBITDA of $680 million to $800 million. Still, even at the midpoints of the newly introduced estimates, Flutter expects FanDuel to notch fourth-quarter revenue and EBITDA growth of 40% and 206%, respectively.<\/p>\n<\/div>\n

Flutter added it expects a net impact of $40 million in the second half of 2024 attributable to the sports betting tax increase implemented in Illinois<\/a> in July. That state moved to a graduated levy system under which the largest operators — namely FanDuel and DraftKings — pay higher taxes than smaller rivals.<\/p>\n

Last month, Jackson said states need to be cautious about how far they go with gaming taxes because should those rates go too high, it\u2019s possible revenue won\u2019t rise in response. It could even decline.<\/p>\n

Flutter Buyback Will Soon Start<\/h2>\n

In September, Flutter announced a $5 billion share repurchase<\/a> program. On Tuesday, the operator said that effort will commence on November 14, noting it\u2019s eyeing $350 million in buybacks by the end of the first quarter. The broader share repurchase plan is expected to last three to four years.<\/p>\n

Buying of its shares could be supported by Flutter\u2019s sturdy balance sheet.<\/strong><\/p>\n

\u201cAt September 30, 2024, the Group’s leverage ratio was 2.4x, based on the last 12 months Adjusted EBITDA, a reduction of 0.7x from 3.1x at December 31, 2023 due to growth in the Group’s Adjusted EBITDA. The Group is now within its medium-term leverage target of 2.0-2.5x,\u201d according to the press release.<\/p>\n

The post Flutter Q3 Results Easily Top Wall Street Estimates<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Flutter Entertainment (NYSE: FLUT) rallied in extended trading on Tuesday after the gaming company reported third-quarter results that soundly beat Wall Street forecasts. The Flutter logo seen in an investor deck. The company tightened fourth-quarter guidance and expects to start buying back stock […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1315"}],"collection":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1315"}],"version-history":[{"count":1,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1315\/revisions"}],"predecessor-version":[{"id":1316,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1315\/revisions\/1316"}],"wp:attachment":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1315"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}