International Game Technology (IGT) has announced that its revenue topped $1.07 billion for the first quarter of the year, up by 1 percent yearly, with strong growth in its Global Lottery segment.
According to the group’s most recent financial results, the group is now upgrading its outlook for FY24. Full-year revenue is now expected to reach $4.4 billion, while second quarter income is expected to come in around $1.05 billion.
The first quarter results encompass global lottery revenue of $661 million, up 6 percent ‘on significantly higher product sales’. The group indicates terminals in Canada and ‘software upgrades in Singapore and Germany’.
Gaming and Digital revenue fell by $30 million yearly, to $406 million, with lower product sales and fewer unit shipments, however the group saw a 10 percent increase in iGaming revenue – to $48 million.
While the US and Canada made up the majority of the group’s revenue, at $660 million (down 1 percent yearly), while the Rest of World revenue was also down 1 percent yearly, to $150 million, and 16 percent quarterly.
Operating income for the group was flat, at $256 million, despite Global Lottery seeing a 8 percent uptick, to $258 million. Gaming and Digital income fell by 3 percent, to $81 million.
Speaking of the results, the CFO of IGT, Max Chiara, noted “We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs”.
The group’s CEO Vince Sadusky further noted that “We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi”.
At the end of February, IGT announced the Global Gaming and PlayDigital businesses would be combining with Everi, to create a ‘comprehensive Global Gaming and FinTech Enterprise’.
The deal values the combined businesses at approximately $6.2 billion. IGT’s shareholders continue to hold 100 percent of the Global Lottery business after the merger.
The deal is expected to close in late 2024 and early 2025.
