November 9, 2021 Technology, Land Based

Revenue up 21% to $984m as IGT reports third quarter results

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Period also saw the company sign a number of high-profile lottery and technology contracts across the US.

International Game Technology PLC has confirmed its financial results for the period ending September 30, 2021.

Q3 has seen consolidated revenue grow by 21% to $984m, with the company citing double-digit growth across all IGT business segments.

"Broad-based momentum across our lottery, gaming, and digital & betting activities drove significant improvement in key financial and performance metrics in the third quarter," said Marco Sala, CEO of IGT.

"Revenue grew over 20% and operating income more than doubled, highlighting the strength of our portfolio. Based on our excellent year-to-date results and our solid financial condition, the Board reinstated a quarterly cash dividend, signaling their confidence in the company's prospects."

The period has also seen IGT’s operating income double, coming in at $212m. Concurrently, adjusted EBITDA has reached $407m.

Speaking on the results, IGT’s CFO, Max Chiara struck a positive tone, highlighting some of the company’s other financial results.

He said "We are supporting strong top-line growth with strategic investments in the business while still making good progress on optimizing our cost structure. Achieving our goal of reducing net debt leverage below 4.0x was a big accomplishment in the quarter. We look forward to sharing our strategy, long-term growth initiatives, and capital allocation plans during our upcoming investor day on November 16, 2021."

Other key highlights include record quarterly revenue for the company’s global gaming segment. The group also signed a 10-year lottery contract with the Connecticut Lottery Corporation.

Lastly, Q3 saw the company deploy its technology in a number of US land-based casinos via partnerships with Angel of The Winds Casino Resort and Indigo Sky casinos. 

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