Light & Wonder full-year profit drops 17.8% amid restructuring hit
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The news: Gaming machines supplier Light & Wonder reported a full-year net profit decrease of 17.8% to USD276 million ($391 million), primarily driven by USD219 million in restructuring costs alongside other one-off transactions.
The numbers: The net profit was below analysts forecast of USD406.2 million, according to Visible Alpha data.
Group revenue came in at USD3.14 billion, a 3.9% increase year-on-year, though below consensus estimates of USD3.3 billion.
The company did not declare a dividend.
The context: The company said the lower year-on-year net income was driven by a legal settlement related to a lawsuit brought by Aristocrat during the period.
Earnings were also weighed down by a USD25 million contingent acquisition adjustment, USD37 million in costs related to ASX transition, and expenses associated with the Grover acquisition.
The source: ASX
