International Game Technology (IGT) saw a 4 percent contraction in revenue for the fourth quarter of 2024, still registering as the second highest quarter for product sales revenue in the company’s history.
This group notes the drop is ‘mainly due to the comparisons with record product sales revenue in the prior year’.
The group’s top performing segment was its instant ticket & draw wager-based revenue, which was up by 2 percent yearly, to $511 million in the quarter. US multi-state jackpot wager-based revenue was down by 21 percent yearly, to $26 million, while product sales revenue fell by 32 percent yearly, to $60 million.
Income from continuing operations was up by 60 percent yearly in 4Q24, amounting to $116 million.
FY24 and expectations for 2025
Looking at the full-year results, revenue was down slightly, by 1 percent, to $2.51 billion, while income from continuing operations increased by 2 percent yearly, to $271 million.
The group notes that the revenue was driven by instant ticket and draw game sales in the US & Canada and Italy.
Speaking of the results, IGT CEO Vince Saudsky noted that “Our unmatched capabilities in developing world-class Lottery solutions and innovative game content support several important investments to drive long-term growth and shareholder returns. We are well-positioned to continue strengthening our global lottery leadership”.
The executive also commented on the sale of its Gaming & Digital business, noting “2024 was a year of momentous transformation with the conclusion of our strategic review and the announced sale of our Gaming & Digital business for $4.05 billion in cash”.
The sale is expected to close by the end of the third quarter of 2025, with the business segment going to funds managed by affiliates of Apollo Global Management.
Looking ahead to FY25, the group notes it is expecting a revenue increase in the low-mid single digits, estimated to be $2.55 billion to $2.65 billion. This is backed by low-single-digit increases in global same-store sales and higher product sales – ‘driven by sustainable instant ticket services growth’.
The group is expecting adjusted EBITDA of between $1.1 billion and $1.15 billion for FY25.
