International Game Technology(IGT), a global leader in the gaming industry, has released its first-quarter financial report, demonstrating solid revenue figures. In addition, the company has shared its full-year financial forecast for 2024.
For the quarter ending on March 31, the company’s earnings stood at a substantial $1.07 billion, a 1% increase compared to the same period the previous year. This promising financial figure can be attributed to the robust performance of IGT’s Global Lottery division, which counterbalanced a decrease in the company’s Gaming & Digital segment’s revenue.
To provide some detail, the Global Lottery department reported a revenue of $661 million during the first quarter, which represents a 6% growth when compared to the same period last year. Conversely, the Gaming & Digital sector saw a year-on-year revenue decrease of 7%, generating $406 million in Q1.
Furthermore, during the initial quarter of 2024, IGT registered an operating income of $256 million, mirroring the results from Q1 in 2023. Of note, the company’s operating income margin for the quarter was 24%, surpassing approximations by nearly 400 basis points.
The company’s adjusted EBITDA for the quarter came in at $443 million, slightly down by 1% compared to the previous year. The adjusted EBITDA margin stood at 41.5%.
At the close of Q1, IGT held $377 million in cash and cash equivalents, marking a 44% reduction year-on-year. The company’s net debt largely remained constant at $5.1 billion.
Looking ahead, the company predicts a revenue of $1.05 billion for Q2 2024, and has projected an expected revenue of $4.4 billion for the entire financial year.
IGT Plans to Divest From Its Gaming & Digital Division
During Q1, IGT unveiled its plan to divest from its Gaming & Digital department and merge it with Everi Digital in an awaiting transaction. As part of its ongoing advancements, the company has debuted iGaming in Rhode Island, secured a contract to deploy terminals throughout Quebec, and expanded its provision contract with the UK National Lottery.
Also in the first quarter, the company was recognized with EcoVadis’s top sustainability rating and received numerous awards, including Lottery Product of the Year and Best Diversity and Inclusion Employer at ICE London. Its recent game release, Mystery of the Lamp, was also named the Top Performing New Premium Game at the 2024 EKG Slot Awards Show.
Vince Sadusky, CEO of IGT, commended these results, and reported that the plan to separate the Gaming & Digital business has been moving forward efficiently.
IGT’s CFO, Max Chiara, stated that the company continues to generate notable organic profits, and boasted about the company’s impressive results, saying, “With historically low net debt leverage, substantial liquidity, and manageable near-term debt maturities, the company is operating from a position of strength.”
