Scientific Games reports Q1 2021 results
Company improves net loss, hails progress during quarter.
Scientific Games Corporation on Monday reported its financial results for the first quarter, a three-month period ending March 31.
The Las Vegas-based global provider of technology-based gaming systems said its consolidated revenue for Q1 2021 was $729m, an increase of 1% from the $725m in revenue in the same quarter the prior year.
SG said its lottery, SciPlay and digital businesses delivered double-digit revenue growth as it drove customer engagement with its content. However, gaming revenue “continued to be impacted” by casino restrictions and closures, particularly in Europe.
The company slashed its quarterly net loss to $9m from $155m in Q1 2020. Barry Cottle, president and CEO, attributed this improvement primarily due to the company’s gaming business segment receivable credit allowances, inventory and goodwill impairment charges, which totaled $91m in the prior year period.
“I am extremely pleased with our progress this quarter,” Cottle said in a statement. “Despite the continued challenges, our teams’ dedication and focus enabled us to build on our gains from last year. We delivered another strong quarter, enabling us to return to growth on both the top and bottom lines.”
Michael Eklund, EVP and chief financial officer, added, “We remain laser focused on delivering revenue and AEBITDA growth, and strengthening our balance sheet. Our continued focus on operational efficiency is enhancing our cash flows. We are executing at a high level and I could not be more excited about the path forward for Scientific Games.”
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