IGT hails strong results in Q1
Company expects to return to pre-pandemic levels by end of year.
International Game Technology PLC on Tuesday said its income from continuing operations and adjusted EBITDA were among the highest levels in company history during the first quarter, a three-month period ending March 31.
Net income attributable to IGT was $92m, compared to a net loss of $248m in the prior-year period.
The company said quarterly revenue grew 25% YOY, to more than $1 billion, from $814m in Q1 2020.
IGT attributed the revenue increase to what it termed “outstanding” performance in its global lottery division, along with continued recovery in its global gaming area, which included acceleration in digital and betting activities.
Global lottery revenue was $749m, up 48% YOY, driven by 32.4% growth in same-store sales.
Income from continuing operations was $138m, while adjusted EBITDA was $450m. IGT said these figures were achieved thanks to revenue momentum and structural cost savings.
Marco Sala, CEO of IGT, said in a statement, “We delivered some of our strongest profit results ever during the first quarter, fueled by robust player demand and significant structural cost savings. Our global lottery segment achieved record same-store sales levels on impressive increases around the world. The global gaming segment is demonstrating swift, progressive recovery, including accelerated momentum for digital and betting activities. We expect to return to 2019 levels for key financial metrics this year.”
Max Chiara, CFO of IGT, added, “With the recovery in our business in full swing, we are delivering strong operating leverage which, when coupled with invested capital discipline, drove strong cash flows in the quarter. This enabled us to accelerate our debt retirement strategy and gives us confidence in a return to pre-pandemic leverage levels by the end of the current year.”
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