Flutter Entertainment plc (NYSE: FLUT) reported Q3 EPS of $0.43, $0.78 better than the analyst estimate of ($0.35). Revenue for the quarter came in at $3.25 billion versus the consensus estimate of $3.05 billion.

Full year 2024 guidance:

Group guidance is raised driven by our strong Q3 performance. We now expect the following revenue and Adjusted EBITDA2,3 ranges:

US: Guidance range narrowed with mid-point revenue and Adjusted EBITDA lowered 1% and 4% respectively, as positive Q3 performance has subsequently been more than offset by unfavorable sports results in Q4 to date. Ranges narrowed to revenue of $6.05bn-$6.25bn and Adjusted EBITDA of $670m-$750m (previous: revenue $6.05bn-$6.35bn, Adjusted EBITDA $680m-$800m). This represents revenue and Adjusted EBITDA2 mid-points of $6.15bn and $710m with year-over-year growth of 40% and 206%. We continue to expect a gross tax impact from tax changes in Illinois of $50m for H2 2024, and a net impact of $40m.

Group Ex-US: Guidance raised to revenue of $8.1bn-$8.3bn and Adjusted EBITDA of $1.77bn-$1.87bn (previous: revenue $7.85bn-$8.15bn, Adjusted EBITDA $1.69bn-$1.85bn). This represents revenue and Adjusted EBITDA2 mid-points of $8.2bn and $1.82bn, both representing year-over-year growth of 11% and 3% improvements for both revenue and Adjusted EBITDA to the previous midpoints. Guidance includes Adjusted EBITDA in Australia of approximately $290m (increased from approximately $270m) driven by the benefit of positive sports results.

Guidance11 is provided (i) on the basis that sports results are in line with our expected margin for the remainder of the year, (ii) at current foreign exchange rates, (iii) on an existing state basis in the US (iv) on the basis of a consistent regulatory and tax framework except where otherwise

For earnings history and earnings-related data on Flutter Entertainment plc (FLUT) click here.