IGT releases Q1 2024: Revenue tops $1.07bn as company plans for Everi merger

After these results, the lottery and gaming company has adjusted its expected FY2024 revenue to total $4.4bn.

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International Game Technology (IGT) has released its Q1 2024 report, for the period ending 31 March 2024.

Operational revenue increased 1%, when compared to the year prior, to $1.07bn.

This was balanced by a 7% decrease in gaming and digital to $406m, but a 6% increase in global lottery to $661m.

Total operating income saw very little change, with $255m in Q1 2023 and $256m for Q1 this year.

Although, the global lottery vertical did grow 8% in the span of a year to $258m.

Adjusted EBITDA fell 1% to $443m, which was primarily driven by a 108% increase in corporate support expenses, leaving this vertical $39m in deficit.

As for the gaming & digital, this fell 1% to $127m while global lottery grew 5% to $355m.

The diluted earnings per share increased 264% to $0.40.

IGT CEO, Vince Sadusky, said: "Innovative game, hardware, and systems solutions drove better-than-expected global lottery and gaming & digital performance in the first quarter.

"As a result, we are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year.

“We continue to make progress on separating global lottery from gaming & digital and preparing for the proposed transaction with Everi."

During this period, IGT announced that it would detach its gaming & digital vertical and combine it with Everi as part of a $6.2bn merger, with the expected closing date to be in either late 2024 or early 2025.

IGT CFO Max Chiara said: "We delivered a record organic profit performance in the first quarter, if we exclude separation & divestiture costs.

"The company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities."

During Q1, IGT also extended its contract with the UK National Lottery, during the period in which the lottery was passed over to new operator Allwyn.

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