Tue, Feb 25, 9:43 PM (60 days ago)
Light & Wonder, Inc. (LNW, Nasdaq: LNW) delivered strong FY2024 financial results with consolidated revenue rising 10% to $3.188 billion, driven mainly by a 22% increase in gaming machine sales and growth in Gaming, SciPlay, and iGaming segments. Operating income surged 29% to $668 million while net income attributable to LNW more than doubled to $336 million, translating to basic EPS of $3.77. Operating expenses increased 6% due to higher cost of products, SG&A, and R&D, offset by a 6% reduction in D&A. Strategic initiatives included repurchasing 4.8 million shares for $462 million, repricing LNWI Term Loan B twice to lower interest costs by approximately $19 million, and planning the pending $850 million acquisition of Grover Charitable Gaming (target Q2 2025) to further expand market presence. Despite legal challenges involving its Dragon Train-themed games, LNW is executing mitigation measures expected to have no material impact. The company remains focused on global expansion, digital innovation, and disciplined capital management while closely monitoring macroeconomic risks and supply chain uncertainties.