Overview of Light & Wonder's first quarter 2024 results

Light & Wonder, Inc. (ASX: $LNW) reported a 13% year-over-year consolidated revenue growth for the first quarter ended March 31, 2024. The company's strong performance was driven by double-digit revenue growth across all businesses, with gaming revenue increasing to $476 million, SciPlay revenue growing to a quarterly record of $206 million, and iGaming revenue reaching a quarterly record of $74 million. The company's President and CEO, Matt Wilson, expressed satisfaction with the performance, highlighting the robust earnings growth and the company's progress towards its long-term financial targets.

Executive commentary on the first quarter 2024 results

Matt Wilson, President and Chief Executive Officer of Light & Wonder, expressed satisfaction with the company's strong momentum and compelling global product offerings driving game sales growth. He emphasized the record revenue levels achieved by SciPlay and iGaming, attributing the performance to the company's differentiated product roadmap and targeted commercial strategy. Oliver Chow, Chief Financial Officer, highlighted the company's healthy growth trajectory with six consecutive quarters of double-digit revenue growth across gaming, SciPlay, and iGaming. He also mentioned the plan to enhance value through a share repurchase program while maintaining a strategic capital allocation plan.

Summary of first quarter 2024 results and outlook

Light & Wonder's first quarter 2024 results showcased a strong performance with double-digit revenue growth across all business segments. The company's ambitions to deliver sustainable growth were underpinned by its robust product portfolio and world-class talent. With a net debt leverage ratio within the targeted range and plans to enhance value through a share repurchase program, the company aims to further scale revenue and profitability. The outlook for the company includes key hardware and content launches in both land-based and digital markets throughout the year, capitalizing on growth opportunities beyond its core businesses.