Strong growth in both its lottery and global gaming business segments has driven International Game Technology PLC (IGT) to a 170% increase in Adjusted EBITDA to US$442 million in 2Q21 – described as being “among the highest in company history.”
Revenue from global gaming surged 126% year-on-year to US$316 million and lottery by 58% to US$725 million for a combined US$1.04 billion, 74% higher than the same time last year and slightly better than the US$1.02 billion in revenue reported in the March quarter.
IGT also reversed a US$72 million operating loss in 2Q20, recording income of US$244 million – also well above income of US$92 million in the first quarter of this year.
Once again, global lottery was the main driver of profitability, contributing income of US$300 million and Adjusted EBITDA of US$414 million versus income of US$10 million and Adjusted EBITDA of US$49 million for gaming. IGT described its lottery performance as the second-highest revenue and profit levels in segment history, driven by strong player demand.
“Impressive second quarter results highlight the vitality of our portfolio,” said IGT CEO, Marco Sala.
“Outstanding Lottery performance, the progressive recovery in land-based gaming, and strong increase in digital and betting activities drove substantial revenue and profit growth, delivering Adjusted EBITDA that is among the highest recorded in a quarterly period.
“On the strength of the first half performance, we are raising our outlook for the year and now expect to exceed 2019 levels for key financial metrics this year.”
IGT also revealed that its net debt is now down by US$1 billion, from US$7.3 billion to US$6.3 billion, since the start of the year.
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