Flutter Entertainments lifts FY guidance after stronger-than-expected Q2

(Sharecast News) - Flutter Entertainment lifted its full-year guidance on Tuesday after a better-than-expected second-quarter performance.

In results for the three months to 30 June, the online sports betting and iGaming operator said net income surged 364% to $297m, while revenue rose 20% to $3.6bn.

Adjusted earnings before interest, tax, depreciation and amortisation grew 17% to $738m and average monthly players were up 17%.

Citing its "excellent" second-quarter performance, the benefit of positive sports results and momentum into the third quarter, Flutter lifted guidance for 2024.

In its first results since moving its main listing to the US, the company said it now expects US revenue of between $6.05bn and $6.35bn and adjusted EBITDA of $680m to $800m. This is up from previous guidance of $5.8bn to $6.2bn revenue and adjusted EBITDA of $635m to $785m.

Revenue outside the US is expected to be between $7.85bn and $8.15bn, while adjusted EBITDA is set to be $1.69bn to $1.85bn. This is up from previous guidance of $7.65bn to $8.05bn and $1.63bn to $1.83bn, respectively.

Chief executive Peter Jackson said: "Flutter delivered another strong quarter, beating consensus and increasing our revenue and adjusted EBITDA guidance as we continued to capitalise on our global scale and the Flutter Edge. Our US performance was excellent in new and existing states reflecting our disciplined approach to customer acquisition and our best-in-class product, which offers our sportsbook customers the best pricing in the market."