IGT PLC reports Q2 financial results
Strong performance across the business sees revenue increase by 74%.
International Game Technology (IGT) has today reported its financial results for Q2, ending June 30.
Revenue for the technology company is up 74% to over $1bn, with delivered operating income recorded to be $244m.
IGT also revealed net income, comprising income from discontinued operations of $404m and losses of $39m, to be $356m.
“Record free cash flow from continuing operations and proceeds from recent asset sales fuelled significant debt reduction in the first half,” said Max Chiara, CFO of IGT.
“Our leverage profile improved substantially, reaching pre-pandemic levels well ahead of expectations, and improving our credit profile and overall financial condition.”
The company generated $500m from continuing operations and the first half of the year saw a record $380m of free cash flow for IGT.
Meanwhile, adjusted EBITDA increased by 170% from the previous period, being recorded at $442m.
The company also highlighted a number of key findings from the report. Specifically, it stated that Global Lottery delivered the second highest revenue in the segment’s history, driven by increased player demand. However, IGT also suggested Global Lottery growth is expected to return to normal levels.
The company’s net debt comes in at $6.3bn, which is down by over $1bn since the start of the year.
“Impressive second quarter results highlight the vitality of our portfolio,” added Marco Sala, CEO of IGT.
“Outstanding Lottery performance, the progressive recovery in land-based Gaming, and strong increase in Digital & Betting activities drove substantial revenue and profit growth, delivering adjusted EBITDA that is among the highest recorded in a quarterly period. On the strength of the first half performance, we are raising our outlook for the year and now expect to exceed 2019 levels for key financial metrics this year.”
In terms of outlook, IGT forecasts second half 2021 revenue and operating income from continuing operations of $2bn and $300m, respectively, which are both substantially higher than the prior year.
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