IGT to report financial records of 2024 Q1

[Wolf32]

International Game Technology PLC has released its financial results for the quarter ending on March 31, 2024.

CEO Vince Sadusky attributed the impressive performance to the success of innovative game, hardware, and systems solutions in driving the Global Lottery and Gaming & Digital segments beyond expectations. As a result, the company is revising upwards its revenue and profit targets for the full year 2024, reflecting sustained momentum across key performance metrics for the remainder of the year. Sadusky also highlighted progress on the separation of Global Lottery from Gaming & Digital and preparations for the proposed transaction with Everi.

Key Highlights include:

• The announcement of the spin-off of the Gaming & Digital business, set to merge with Everi Holdings Inc., with the transaction expected to conclude in late 2024 or early 2025.
• Recognition with top honors at the ICE London 2024 awards programs, including accolades for “Lottery Product of the Year” and “Best Diversity and Inclusion Employer.”
• Extension of a supply contract from the UK National Lottery.
• Execution of a licensing agreement with the Maryland Lottery for IGT’s patented Cash Pop draw-based game.
• “Mystery of the Lamp” named “Top Performing New Premium Game” at the 2024 EKG Slot Awards Show.
• Award of a contract to provide PeakDual 27 video lottery terminals across Quebec.
• Launch of iGaming content in Rhode Island.
• Achievement of a AAA MSCI ESG rating, the highest possible rating, and receipt of a gold medal sustainability rating from EcoVadis.

CFO Max Chiara noted a record organic profit performance in the first quarter, excluding Separation & divestiture costs. He emphasized the company’s robust position, with historically low net debt leverage, substantial liquidity, and manageable near-term debt maturities.