IGT Q1 revenue up 4% to $1.1bn

By Louis Thompsett

IGT has reported revenue of $1.1bn for Q1 2022, up a modest 4% on the prior-year period.  

The supplier attributes its increased revenue to significantly higher product sales, which means this quarter’s revenue and profit aligned with "historic peak levels." 

The supplier has also posted an operating income of $252m and an income margin of 24%, which exceeded the company’s outlook by 200 basis points. 

Adjusted EBITDA of $433m also matched IGT’s record level last year, while the 41% adjusted EBITDA margin was one of IGT’s highest to date. 

IGT also returned $80m to the company’s shareholders via cash dividend and share repurchases, which marked a record-breaking return on investment for the second consecutive quarter. 

However, things weren’t all positive for IGT when digging deeper into the figures. Operating income was down 3% year-on-year at $252m, while IGT’s revenue from its Global Lottery arm dropped from $749m in Q1 2021 to $680m this year.  

This quarter has also seen IGT extend its contract with the Missouri Lottery, as well as secure a multi-year instant ticket contract with Lotto Baden-Württemberg in Germany.  

The operator’s PlayCasino games have also launched in a string of newly regulated markets, including West Virginia and the much-coveted Ontario.  

IGT CEO, Vince Sadusky, commented on the results: "The first quarter results reflect the power of our portfolio... The quarter's strong margin profile highlights the long-term recovery of the gaming business as well as increased levels of lottery play from pre-Covid periods.  

“The company's initiatives around a simplified corporate structure have resulted in strong liquidity, as we continue to invest in product development and return capital to shareholders." 

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