International Game Technology PLC reported financial results for the first quarter ended March 31, 2021 that soared above Wall Street estimates and approached record pre-tax earnings.
The company logged 25 percent revenue growth to $1,015 million on outstanding global lottery performance, and continued recovery from 2020’s pandemic losses, helped by acceleration in digital wagering. Income from continuing operations was $138 million, and adjusted EBITDA was $450 million—among the highest levels in company history, driven by revenue momentum and structural cost savings.
The company reported cash from operations of $251 million, and free cash flow of $204 million driven by strong results and invested capital discipline. IGT also completed the sale of its Italy B2C gaming businesses, with net proceeds to partially fund full redemption.
“We delivered some of our strongest profit results ever during the first quarter, fueled by robust player demand and significant, structural cost savings,” said Marco Sala, CEO of IGT. “Our global lottery segment achieved record same-store sales levels on impressive increases around the world. The global gaming segment is demonstrating swift, progressive recovery, including accelerated momentum for digital and vetting activities. We expect to return to 2019 levels for key financial metrics this year.”
“With the recovery in our business in full swing, we are delivering strong operating leverage which, when coupled with invested capital discipline, drove strong cash flows in the quarter,” said Max Chiara, CFO of IGT. “This enabled us to accelerate our debt retirement strategy and gives us confidence in a return to pre-pandemic leverage levels by the end of the current year.”
