IGT sees 21% revenue increase in Q3, generalized growth across all segments

Max Chiara, CFO of IGT.

2021-11-09

United Kingdom

Reading time 1:36 min

The company revealed a consolidated revenue of $984 million, with the Global Lottery as the main contributor with $652 million. IGT's operating income doubled to $212 million, and the Adjusted EBITDA reached an all-time high accounting for $407 million. Global Gaming achieved highest quarterly revenue, and Digital & Betting revenue increased 37% with double-digit growth across activities.

International Gaming Technology (IGT) announced Tuesday the release of its third quarter report, the period ended on September 30, 2021, with a consolidated revenue up 21% to $984 million, boosted by double-digit growth across all business segments.

Global Lottery brought in $652 million to constitute almost two thirds of IGT’s total revenue for the period. Global Gaming came in second with $289 million, while Digital & Betting trailed behind with $43 million, though this segment saw the greatest growth, increasing by 37% on a year-over-year comparison.

As reported by the company, its operating income more than doubled to $212 million, fueled by operating leverage across businesses, and its Adjusted EBITDA of $407 million is among the highest levels in IGT’s history.

The company’s financial situation saw an improvement after reducing its net debt $1.2 billion year-to-date, from $7.2 billion to $6.1 billion; as well as achieving its $200 million cost saving target for 2021 ahead of schedule.

IGT has raised its full-year revenue outlook, expecting to bring in roughly $4.1 billion in 2021, and increased its anticipated income from approximately $800 million to $900 million.

IGT’s CEO Marco Sala spoke about the company’s Q3 results and said: “Broad-based momentum across our Lottery, Gaming, and Digital & Betting activities drove significant improvement in key financial and performance metrics in the third quarter. Revenue grew over 20% and operating income more than doubled, highlighting the strength of our portfolio. Based on our excellent year-to-date results and our solid financial condition, the board reinstated a quarterly cash dividend, signalling their confidence in the company's prospects.”

Max Chiara, CFO of IGT, also commented: “We are supporting strong top-line growth with strategic investments in the business while still making good progress on optimising our cost structure. Achieving our goal of reducing net debt leverage below 4.0x was a big accomplishment in the quarter. We look forward to sharing our strategy, long-term growth initiatives and capital allocation plans during our upcoming investor day on 16 November 2021.”