IGT Delivers Steady-as-she-goes Q1

Leading back-end iGaming supplier IGT, International Game Technology, has released its financial results for the first quarter ending March 31, 2024.

IGT’s revenue for Q1 remained steady at US$1.07 billion (£844.7m), a year-on-year increase of one percent.

Operating income for the quarter, with an income margin of 24 percent was US$256 million (£202.1m), again in line with Q1 2023. Adjusted EBITDA was US$443 million (£349.73m).

Net income for the period was US$128 million (£101.05m), more than double the US$67 million (£52.89m) listed in the same quarter the previous year; although comparative earnings-per-share fell by three cents to US$0.46.

IGT’s Global Lottery vertical–driven in great part by higher product sales and same-store sales in its important Italy market–enjoyed revenues of US$661 million (£521.83m), up six percent year-on-year. Operating income for the segment rose eight percent to US$258 million (£203.56m).

But revenue in IGT’s Gaming & Digital vertical fell by some seven percent in the quarter, compared to Q1 2023, to US$406 million (£320.52m), reflecting lower product sales due to fewer terminal shipments and elevated intellectual property and software licences in the prior year. Operating income for this segment was US$81 million (£63.94m).

Winner

IGT–winner of “Lottery Product of The Year” and “Best Diversity and Inclusion Employer” honours at the ICE London 2024 Awards–announced the spin-off of its Gaming & Digital business, to be completed by early next year.

Additionally, the company has secured an extension to its contract with the UK National Lottery, and a licensing agreement with the Maryland Lottery in the United States for its Cash Pop game. The company has also won a contract to provide lottery terminals in the Canadian province of Quebec.

“Innovative game, hardware, and systems solutions drove better-than-expected Global Lottery and Gaming & Digital performance in the first quarter,” said IGT CEO Vince Sadusky.

“As a result, we are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year.

Added IGT CFO Max Chiara: “If we exclude Separation & Divestiture costs, we delivered a record organic profit performance in the first quarter.

“The Company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities.”

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