Flutter Entertainment Backs Guidance Despite Wider Net Loss
By Ian Walker
Flutter Entertainment has backed its full-year guidance despite reporting a wider first-quarter net loss after booking noncash charges in its accounts.
The FTSE 100 gambling and betting group behind the FanDuel, PokerStars and Paddy Power brands said Tuesday that net loss for the quarter was $177 million compared with a loss of $111 million for the comparable period a year earlier.
Revenue for the quarter ended March 31 was $3.397 billion compared with $2.92 billion.
Adjusted earnings before interest, taxes, depreciation and amortization--one of the company's preferred metrics which strips out exceptional and other one-off items--was $514 million compared with $352 million.
In the U.S. adjusted Ebitda was $26 million compared with a loss of $53 million on the back of strong revenue growth and significant operating leverage.
For 2024, Flutter reiterated that it expects group revenue growth of 17.5% and further adjusted Ebitda growth of 30% at midpoint, it said.
U.S. revenue is forecast to be $5.8 billion to $6.2 billion resulting in adjusted Ebitda of $635 million to $785 million.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
May 14, 2024 02:39 ET (06:39 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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