International Game Technology (IGT) announced a 74% increase in annual revenue to more than $1 billion in its latest financial results.
In its second quarter update, the supplier revealed that its worldwide lottery delivered the second-highest revenue and profit levels in its segment history.
The group delivered operating income of $244 million, which it says highlighted “impressive operating leverage of the global lottery and excellent progress in structural cost savings.”
Net income totaled $365 million, comprising a loss of $39 million from continuing operations and income from discontinued operations of $404 million.
Adjusted EBITDA increased 170% to US$442 million, which is among the highest in the company’s history.
During the second quarter, IGT generated $500 million in cash from continuing operations and a record $380 million in free cash flow during the first half of the year.
Marco Sala, CEO of IGT, said: “The impressive second quarter results highlight the vitality of our portfolio.”
“The exceptional performance of the lottery, the progressive recovery of gaming and a strong increase in digital and gambling activities have driven substantial growth in revenue and profits, delivering an adjusted EBITDA that is among the highest recorded in a quarterly period.” Living room.
Max Chiara, IGT CFO, added: “Record free cash flow from continuing operations and revenue from recent asset sales fueled a significant reduction in debt in the first half.
“Our leverage profile has improved substantially, reaching pre-pandemic levels well ahead of expectations, and improving our credit profile and our overall financial condition,” Chiara concluded.
Due to recent results, IGT is now raising its outlook to 2021 and expects to surpass 2019 levels for key financial metrics.
About IGT
IGT, formerly Gtech SpA and Lottomatica SpA, is a multinational gaming company that produces slot machines and other technologies for the global industry. The company is headquartered in London, England, but also has offices in Rome, Providence, Rhode Island and Las Vegas.
Italian gambling company Lottomatica acquired Gtech Corporation, a US gaming group, in August 2006, and later changed its own name to Gtech. Gtech operated many state and provincial lotteries in the United States and had contracts with regional and national lotteries in Europe, Australia, Latin America, the Caribbean and Asia.
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