Light & Wonder shares rally after reaffirming Q2 earnings guidance

The news: Shares in Light & Wonder rallied in afternoon trade after the gaming company confirmed it remains on track to meet its mid-to-high single-digit consolidated earnings before interest, tax, depreciation and amortisation growth targets for the second quarter ended 30 June.

Shares climbed 8.5% to $112 at 1:59pm AEST.

The context: The company stated that it remains committed to deleveraging its balance sheet toward the midpoint of its targeted net debt leverage ratio range over the course of 2026, aiming to drop below 3x during the first half of 2027.

Light & Wonder now has approximately USD180 million ($259 million) remaining under its ongoing share repurchase program as of 1 July, following the buyback of more than 1.6 million shares during the second quarter for a total consideration of USD134 million.

The company is set to release its full second-quarter financial results before the ASX opens on 5 August (AEST).