NEW YORK - Flutter (LON:FLTRF) Entertainment plc (NYSE:FLUT) reported robust third-quarter results on Tuesday, with revenue and earnings beating analyst estimates, prompting the company to raise its full-year guidance. Shares of the online gambling giant jumped 5.74% following the announcement.
The Dublin-based company posted adjusted earnings per share of $0.43 for the quarter, significantly outperforming the analyst consensus estimate of a $0.35 loss. Revenue soared 27% year-over-year to $3.25 billion, surpassing expectations of $3.05 billion.
Flutter's strong performance was driven by exceptional growth in its U.S. operations, where revenue surged 51% compared to the same period last year. The company cited a strong start to the NFL season, driven by new product launches and favorable sports results, combined with continued strength in iGaming.
"Flutter had an excellent quarter with revenue growth accelerating to 27%, well ahead of market expectations, and increases to our revenue and Adjusted EBITDA guidance for 2024," said Peter Jackson, CEO of Flutter Entertainment.
The company raised its full-year 2024 guidance, now expecting group revenue of $14.25-$14.55 billion, up from its previous forecast of $13.9-$14.5 billion. Adjusted EBITDA is projected to be between $2.44-$2.62 billion, narrowed from the earlier range of $2.37-$2.65 billion.
Flutter also announced plans to commence a share repurchase program of up to $5 billion over the next 3-4 years, with the first tranche of $350 million to begin on November 14.
The positive results and outlook underscore Flutter's strong position in the rapidly growing online gambling market, particularly in the U.S., where it maintains a leading market share through its FanDuel brand.
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