IGT reports $1.07bn in revenue during Q1 2024
Operating income during the quarter was higher than expected.
IGT has published its financial and business results for the first quarter of 2024. Revenue during the period rose by 1% to reach $1.07bn.
The company attributed the rise in revenue to both “strong global lottery growth” and the timing of its Gaming & Digital product sales.
During Q1, operating income totaled $256m, while its operating income margin was 24%. IGT said this quarter’s operating income “exceeded the company’s expectations.”
The company also reported $443m in adjusted EBITDA. Its adjusted EBITDA margin in Q1 was 41.5%.
Company CEO Vince Sadusky discussed the quarter’s results in more detail by saying, “Innovative game, hardware, and systems solutions drove better-than-expected Global Lottery and Gaming & Digital performance in the first quarter. As a result, we are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year.
‘We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi.”
Among its business highlights for the first quarter, IGT celebrated launching its iGaming content in the state of Rhode Island.
IGT CFO Max Chiara took a moment to comment on the company’s financial position as of the end of the quarter.
He said, “We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs.
“The company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities.”
In other company news, IGT’s subsidiary, IGT Global Solutions Corporation, recently signed a five-year agreement with the Atlantic Lottery Corporation. The two will work together to bring new games to players in Atlantic Canada.
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