IGT reports 74% increase in Q2 revenue

By Sehaj Dhillon

International Game Technology (IGT) has announced a 74% year-on-year increase in revenue to over $1bn in its latest financial results.  

During its Q2 update, the supplier revealed its global lottery delivered the second-highest revenue and profit levels in its segment history.  

The group delivered operating income of $244m, which it says highlighted an “impressive global lottery operating leverage and excellent progress on structural cost savings.” 

Net income totalled $365m, comprised of a $39m loss from continuing operations and income from discontinued operations worth $404m.  

Adjusted EBITDA increased by 170% to $442m, which is among the highest in the company’s history.  

During the second quarter, IGT generated $500m in cash from continued operations and a record-level $380m of free cash flow during the first half of the year.  

Marco Sala, IGT CEO, said: "Impressive second-quarter results highlight the vitality of our portfolio. 

“Outstanding lottery performance, the progressive recovery in land-based gaming, and a strong increase in digital & betting activities drove substantial revenue and profit growth, delivering adjusted EBITDA that is among the highest recorded in a quarterly period."

Max Chiara, IGT CFO, added: "Record free cash flow from continuing operations and proceeds from recent asset sales fueled significant debt reduction in the first half. 

"Our leverage profile improved substantially, reaching pre-pandemic levels well ahead of expectations, and improving our credit profile and overall financial condition." 

Due to the recent results, IGT is now raising its 2021 outlook and expects to surpass 2019 levels for key financial metrics.

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