International Game Technology (IGT) has published its Q1 report, outlining stable revenue. The international gambling giant has also published its full-year outlook for 2024.
In the quarter ended March 31, IGT reported revenue of $1.07 billion, up 1% from the prior year period. The favorable metric was underpinned by the strong performance of the company’s Global Lottery segment which offset a decline in the Gaming & Digital segment.
For context, Global Lottery recorded revenue of $661 million in Q1, marking an increase of 6% year-on-year. In the meantime, the Gaming & Digital vertical experienced a decline of 7% and posted $406 million in revenue for Q1.
In the first quarter of the year, IGT also recorded an operating income of $256 million, in line with the Q1 2023 results. The company also noted that its operating income margin for the period stood at 24%, exceeding expectations by approximately 400 basis points.
Adjusted EBITDA for the period, meanwhile, reached $443 million, down 1% year-on-year. Adjusted EBITDA margin stood at 41.5%.
IGT ended Q1 with $377 million in cash and cash equivalents, reflecting a decrease of 44% year-on-year. Its net debt remained more or less stable at $5.1 billion.
The company announced that it expects revenue of $1.05 billion for the second quarter of 2024. The company’s guidance also shows that the company expects revenue of $4.4 billion for FY 2024.
IGT Prepares to Spin Off Its Gaming & Digital Business
In Q1, IGT announced its intention to spin off its Gaming & Digital business and combine it with Everi Digital in a yet-to-be-completed transaction. The company also launched iGaming content in Rhode Island, secured a contract to provide terminals across Quebec and received a supply contract extension from the UK National Lottery.
In Q1, the company also achieved EcoVadis’s highest possible sustainability rating and was awarded a variety of accolades, such as Lottery Product of the Year and Best Diversity and Inclusion Employer at ICE London. Mystery of the Lamp, meanwhile, was named Top Performing New Premium Game at the 2024 EKG Slot Awards Show.
Vince Sadusky, IGT’s chief executive, praised the results and noted that the separation of the Gaming & Digital business has been progressing well.
Max Chiara, IGT’s chief financial officer, added that the company continues to deliver impressive organic profits. He lauded the results, saying: “The Company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities.”
