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IGT upgrades 2024 revenue and profit goals after stronger than expected 1Q24 performance

Ben Blaschke by Ben Blaschke
Wed 15 May 2024 at 05:12
IGT reveals amendments to revolving credit facility and term loan agreements
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International Game Technology said it was upgrading its FY24 revenue and profit goals after its Global Lottery and Gaming & Digital divisions both exceeded expectations in the three months to 31 March 2024.

Releasing its 1Q24 financial results overnight, IGT reported revenue of US$1.07 billion, up 1% year-on-year but down from US$1.17 billion in the December quarter, with momentum driven by strong Global Lottery growth.

While the results were partially offset by the timing of product sales in Gaming & Digital ahead of the division’s planned merger with Everi Holdings, CEO Vince Sadusky said the performance was still better than expected on “innovative game, hardware and systems solutions.

“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. We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi,” he added.

Global Lottery booked an 6% year-on-year increase in revenue in Q1 to US$661 million, slightly down from US$681 million in 4Q23, while Gaming & Digital saw revenues decline 7% to US$406 million. This is the first quarter in which the gaming and digital divisions have been reported as one.

Operating income of US$256 million was flat year-on-year but exceeded expectations by 400bps (4%) and would have come in at a record US$273 million of not for costs associated with separation and divestiture costs ahead of the Everi merger.

Adjusted EBITDA of US$443 million was down 1% year-on-year, also on separation and divestiture costs.

“We delivered a record organic profit performance in the first quarter, if we exclude separation and divestiture costs,” said Max Chiara, IGT’s Chief Financial Officer.

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

The company added that it is now anticipating revenue of US$4.4 billion in FY24, including US$1.05 billion in Q2.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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