IGT Q1 revenue slightly up, adjusted EBITDA margin of 42.3%

Updated:2024-03-25 14:07    Views:103

International Game Technology (IGT) has released its financial results for the first quarter of 2023.

With adjusted EBITDA of $449m and a margin of 42.3%, these levels are among the highest levels IGT has recorded.

The consolidated revenue was reported to be $1.06bn, an increase from $1.05bn last year.

This was supported by Global Lottery same-store sales growing 8%, with Italy up 10% and North America and Rest of World up 7%.

Both Global Gaming and PlayDigital saw a revenue increase of 17% year-on-year.

Vince Sadusky, CEO of IGT, said: "Our first quarter results exceeded expectations and put us firmly on track to achieve our full-year outlook.

"Compelling innovation and sustained strength in customer and player demand are fueling momentum across our Global Lottery, Global Gaming, and PlayDigital segments.

“This is clear in the excellent key performance indicators achieved in the quarter. We believe the focused execution of our strategy to Grow, Innovate, and Optimize should create significant value as we progress toward our 2025 goals."

During the Global Gaming Awards London on 6 February,Casino games IGT was awarded "Casino Supplier of the Year."

IGT also made a number a number of agreements with Betfred, Treasure Bay Casino and Hotel, BetSkybox, Santa Ana Star Casino Hotel and UBetOhio.

Max Chiara, CFO of IGT, said: "The strong start to the year includes significant cash flow generation and further improvement in our credit profile.

"The continued improvement in net debt leverage reinforces our conviction in accomplishing the lower end of the 2.5x - 3.5x target range by 2025.

“We are focused on enhancing our financial flexibility, being operationally agile, and remaining disciplined with costs, all of which should enable the achievement of our 2025 margin and cash flow targets even in the current uncertain macroeconomic context."

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