International Game Technology: Successes and Stability in Q1 2024

Leading iGaming provider IGT (International Game Technology) has released its financial results for the first quarter ending March 31, 2024. The IGF publication has analyzed the company's profitability and success based on the published data.

Financial Indicators: IGT's Q1 2024 Performance

IGT's first-quarter revenue remained stable at $1.07 billion (£844.7 million), reflecting a 1% year-on-year increase. The operating profit for the quarter was $256 million (£202.1 million), with a 24% margin, mirroring the performance of Q1 2023. Adjusted EBITDA stood at $443 million (£349.73 million).

Net profit for the period surged to $128 million (£101.05 million), more than doubling the $67 million (£52.89 million) from the same quarter last year, despite a 3 cent drop in comparative earnings per share to $0.46.

IGT's global lottery segment, buoyed by higher same-store sales in Italy, reported revenue of $661 million (£521.83 million), a 6% increase year-on-year. The segment's operating profit rose 7% to $258 million (£203.56 million).

However, revenue in IGT's gaming and digital verticals fell by about 7% compared to Q1 2023, amounting to $406 million (£320.52 million). This decline was due to lower product sales, fewer terminal shipments, and higher intellectual property and software licensing in the previous year. Operating profit in this segment was $81 million (£63.94 million).

IGT: A Triumphant Quarter and Future Ambitions

IGT, honored with the Lottery Product of the Year and Best Employer for Diversity and Inclusion awards at the ICE London 2024 Awards, has announced plans to spin off its gaming and digital businesses by early next year.

The company has secured a contract extension with the UK National Lottery, a licensing agreement with the Maryland Lottery for its Cash Pop game, and a contract to supply lottery terminals in Quebec, Canada.

"Innovative gaming, hardware, and systems solutions drove better-than-expected results for global lotteries, gaming, and digital in the first quarter," said IGT CEO Vince Sadusky. "As a result, we are updating our revenue and profit targets for the full year 2024, reflecting the overall development of key performance indicators in the full-year balance sheet."

IGT's chief financial officer, Max Chiara, added, "Excluding spin-off and disposal costs, we achieved record organic profit in the first quarter. The company operates from a position of strength, driven by historically low net debt, ample liquidity, and manageable near-term debt maturities."