IGT posts $1.05bn in Q2 revenue
The supplier results were ‘strong’ for the first half of the year, although there were slight annual decreases.
IGT has released its financial and business results for this year’s second quarter. Revenue during the period reached $1.05bn, a slight fall year-over-year.
During Q2, operating income totaled $230m, while its operating income margin was 21.9%.
IGT also reported $420m in adjusted EBITDA. Its adjusted EBITDA margin in Q1 was 40%.
During the quarter, IGT’s subsidiary, IGT Global Solutions Corporation, signed a contract extension with the Mississippi Lottery Corporation.
The duo has agreed to continue its partnership for another three years. Mississippi lottery players will have access to the duo’s instant ticket services and online gaming systems through December 1, 2029.
IGT published its results for H1 2024 as well and noted that its operating income and adjusted EBITDA excluding separation and divestiture costs reached record highs.
Company CEO Vince Sadusky elaborated further on the results by saying. “IGT delivered strong first-half results, including record operating income and Adjusted EBITDA net of Separation and divestiture costs. Consistent investments in technology, game content, and other innovative solutions provide us a solid foundation to build from as we execute on our growth objectives.
“The recently announced sale of our Gaming & Digital business for $4.05bn in cash is an important step in unlocking the intrinsic value of IGT’s best-in-class businesses.”
Company CFO Max Chiara also took a moment to discuss IGT’s latest results.
He commented, “We generated over $460m in cash from operations in the first half of the year and our balance sheet is as strong as ever.
“Our ample liquidity and manageable near-term debt maturities provide us significant flexibility in light of upcoming investments to extend and secure our long-term lottery contract portfolio for the coming years.”
IGT, of course, recently came to an agreement to be purchased by Apollo Global Management.
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