Light & Wonder, Inc. reported significant financial performance for the third quarter and the first nine months of 2024, showcasing a robust increase in revenue and operating income compared to the same periods in 2023. For the three months ended September 30, 2024, the company generated revenue of $817 million, a 12% increase from $731 million in Q3 2023. For the nine months, revenue rose to $2,391 million, up from $2,131 million, also reflecting a 12% growth.
Operating income for Q3 2024 was $159 million, an 8% increase from $147 million in the prior year, while for the nine months, it surged to $500 million, a substantial 38% rise from $362 million in 2023. However, net income for Q3 2024 decreased to $64 million, down 20% from $80 million in Q3 2023. In contrast, net income for the nine months ended September 30, 2024, reached $228 million, more than doubling from $112 million in the same period last year.
The Gaming segment was a key driver of revenue growth, with Q3 revenue increasing to $537 million from $465 million, marking a 15% rise. Gaming machine sales saw a notable increase, reaching $238 million, up from $172 million, a 38% increase. The SciPlay segment also contributed positively, with revenue for Q3 2024 at $206 million, a 5% increase from $196 million in Q3 2023.
Light & Wonder's total assets increased to $5,596 million as of September 30, 2024, up from $5,552 million at the end of 2023. Total stockholders’ equity rose to $858 million, compared to $765 million at the end of the previous fiscal year. The company’s cash and cash equivalents decreased to $347 million from $425 million as of December 31, 2023.
Strategically, the company repurchased approximately 2.3 million shares at a total cost of $221 million during the nine months ended September 30, 2024, under a new share repurchase program authorized for up to $1 billion through June 2027. Additionally, Light & Wonder refinanced its LNWI Term Loan B, reducing its interest rate and annualized interest costs.
The company also faced legal challenges, including a preliminary injunction affecting future sales of its Dragon Train-themed games, although the estimated impact on consolidated revenue for 2025 and beyond is not expected to be material. Overall, Light & Wonder's performance reflects a strong operational foundation, despite some challenges in net income and ongoing legal matters.
About Light & Wonder, Inc.
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