IGT reports rise in quarterly revenue

Finance News

IGT said third quarter operating income was $212 million, up 144% from prior year. Net income was $101 million compared to net loss of $129 million, last year, driven by higher revenue and operating profit, and a reduction in foreign exchange losses.

For 2021, IGT now expects operating income of approximately $900 million, revised from prior guidance of approximately $800 million. Revenue is projected to be approximately $4.1 billion.

“Broad-based momentum across our Lottery, Gaming, and Digital & Betting activities drove significant improvement in key financial and performance metrics in the third quarter,” said Marco Sala, CEO of IGT. “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, signaling their confidence in the Company’s prospects.”

“We are supporting strong top-line growth with strategic investments in the business while still making good progress on optimizing our cost structure,” said Max Chiara, CFO of IGT. “Achieving our goal of reducing net debt leverage below 4.0x was a big accomplishment in the quarter.