International Game Technology have released earnings for its first quarter results, operating income was $252 million; operating income margin of 24% exceeds outlook by 200 basis points.

Adjusted EBITDA of $433 million matches prior year’s record level at constant currency; 41% adjusted EBITDA margin among the highest level in company history. Revenue of was $1.05B up by $10M.

“The first quarter results clearly reflect the power of our portfolio,” said Vince Sadusky, CEO of IGT, “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.”

“This quarter marks excellent progress on the profitable growth trajectory outlined at our November 2021 Investor Day. The benefits we are realizing from continued discipline around cost and cash flow management are evident in profit margins that are among the highest in the last three years and in significantly lower interest expense,” said Max Chiara, CFO of IGT. “We are on pace with our leverage target for the year and expect further improvement with the expected proceeds from the announced asset disposition.”