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May 10, 2022 Land Based, Finance, Results

IGT revenue reaches more than $1bn during Q1 2022

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The CEO credits the continuing growth to a strong company portfolio.

International Game Technology (IGT) has released its financial results for Q1 2022. For the second consecutive quarter, IGT returned $80m to shareholders through its cash dividend and share repurchases.

Results for the first quarter reflected overall company growth. Total revenue increased by 4% during Q1, reaching $1.1bn, due in part to higher global gaming product sales, according to the report.

IGT reported an operating income during the first quarter of $252m, as well as an income margin of 24%.

Adjusted EBITDA for the quarter matched the previous year’s Q1 results. During this year’s first quarter, adjusted EBITDA reached a total of $433m. Its adjusted EBITDA margin was 41% during Q1 among the highest level in IGT’s history.

IGT CEO Vince Sadusky commented: "The first quarter results clearly reflect the power of our portfolio. The quarter's strong margin profile highlights the long-term recovery of the gaming business as well as increased levels of lottery play from pre-Covid periods.

“The company's initiatives around a simplified corporate structure have resulted in strong liquidity as we continue to invest in product development and return capital to shareholders."

IGT CFO Max Chiara said: "This quarter marks excellent progress on the profitable growth trajectory outlined at our November 2021 Investor Day. The benefits we are realizing from continued discipline around cost and cash flow management are evident in profit margins that are among the highest in the last three years and in significantly lower interest expense.

"We are on pace with our leverage target for the year and expect further improvement with the expected proceeds from the announced asset disposition."

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