IGT Boasts 74% Increase in Profits for Q1 2021

Growth in Figures

The Global Lottery recorded a 35% growth in sales to reach the $25 million mark. According to Marco, this is the second-highest revenue realised in this portfolio in the company’s history. He attributed it to the rising demand for the service among the gaming population.

Digital and Betting portfolio went up by 41%, thanks to the increase in remote gaming activities. Although the pandemic hit hard, there was a gradual recovery, especially on land-based gaming.

On the backdrop of the pandemic, the revised EBITDA growth signalled the company’s resolve to harmonise its operations and return to profitability. Rising to 170%, it is one of the highest in a quarter in the company’s history.

Overall, the growth represents an increase in revenue by 74% for gaming software provider IGT, which is now over $1 billion. It marks the return to profitability of the gaming giant. The Net income stood at $365 million, including a $39 million loss from discontinued operations. IGT also earned $500 million in cash from its other businesses.

According to Max Chiara, IGT’s CFO, the performance was better than expected, surpassing the pre-pandemic targets ahead of expectations. From the payments made during the quarter, IGT’s credit profile improved, boosting the company’s financial conditions.

IGT Financial Basics

IGT operating income stood at $244 million in the second quarter. Considering the numbers recorded, the annual growth will surpass the 2019 financial metrics by a considerable margin.

The company also sold some assets from their discontinued operations, which reduced the debts significantly. It also streamlined its costs across its businesses, which saved the company money in Q2.

As the company rolls into the next half, it expects $2.0 billion in revenue and $300 operating income from its businesses. It will be a significant financial growth, comparing to the previous years.

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Joshua Rawlings Written by Joshua Rawlings