Global gaming supplier IGT reported a 4% year-on-year decline in revenue to US$651 million in the three months to 31 December 2024, although this was still enough to become the second highest quarter for product sales revenue in company history.
The year-on-year decline was, it explained, directly due to comparisons with record product sales revenue in the prior year period.
According to IGT, which is expected to close on the US$4.05 billion sale of its Gaming & Digital business to Apollo Global Management later this year, the quarter was highlighted by strong instant ticket and draw game same-store sales growth across jurisdictions, however revenues were impacted by elevated US Multi-state jackpot activity in the prior year, higher central system software license, terminal and instant ticket services in the prior year, and the negative impact of foreign currency rates.
Operating income in 4Q24 fell 9% to US$179 million and Adjusted EBITDA by 8% to US$290 million.
For FY24, revenue fell by 1% to US$2.51 billion while operating income was down 9% to US$686 million and Adjusted EBITDA by 4% to US$1.17 billion.
“2024 was a year of momentous transformation with the conclusion of our strategic review and the announced sale of our Gaming & Digital business for US$4.05 billion in cash,” said IGT’s CEO, Vince Sadusky. “Our unmatched capabilities in developing world-class lottery solutions and innovative game content support several important investments to drive long-term growth and shareholder returns. We are well-positioned to continue strengthening our global lottery leadership.”
IGT also introduced its FY25 guidance, with revenue seen growing by low-mid single digits to between US$2.55 billion and US$2.65 billion and Adjusted EBITDA of between US$1.10 billion and US$1.15 billion.
The company has declared a quarterly cash dividend of US$0.20 per common share, to be paid on 25 March 2025.
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