IGT revenue climbs 4% year-on-year to $1.1bn in Q1 2022
Global gaming revenue up 42% for the period to $325m driven by higher sales revenue
IGT has posted a 4% revenue rise year-on-year (YoY) to $1.1bn driven by its gaming and digital and betting arms.
Global gaming revenue increased in Q1 by 42% YoY to $325m from $228m in Q1 2021 while digital and betting revenue rose 24% in the same period to $47m.
However, the New York-listed firm recorded a 9% downturn in revenue from its lottery division, falling from $749m in Q1 2021 to $680m in Q1 2022.
The adjusted EBITDA was $433m, compared to $450m in the same period of 2021, with the 41% EBITDA margin among the highest in the company’s history.
In late March, IGT declared a quarterly dividend of $0.20 per share, returning a record $80m to shareholders via cash dividend and share repurchases for a second consecutive quarter.
Commenting on the results, Vince Sadusky, IGT CEO, said: “The first quarter results clearly 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.”
Max Chiara, IGT CFO, added: “This quarter marks excellent progress on the profitable growth trajectory outlined at our November 2021 Investor Day. The benefits we are realising from continued discipline around cost and cashflow management are evident in profit margins that are among the highest in the last three years and in significantly lower interest expense.”