International Game Technology PLC announces record-breaking financial results for the first half of 2024

International Game Technology PLC (IGT) reported its financial results for the second quarter ended June 30, 2024.

IGT reveals a $1.05 billion revenue and a $230 million operating income delivered in Q2’24 revenue with the adjusted EBITDA which was $420 million. This comes after achieving record H1’24 Operating income and Adjusted EBITDA excluding Separation and divestiture costs.

The company also generated over $460 million in cash from operations and over $260 million in free cash flow in the first half of the year using its technology and solutions bolster Global Lottery portfolio while advancing key strategic initiatives; games driving Gaming & Digital performance.

Vince Sadusky, CEO of IGT, stated: “IGT delivered strong first half results, including record operating income and Adjusted EBITDA net of Separation and divestiture costs. Consistent investments in technology, game content, and other innovative solutions provide us a solid foundation to build from as we execute on our growth objectives.

“The recently announced sale of our Gaming & Digital business for $4.05 billion in cash is an important step in unlocking the intrinsic value of IGT’s best-in-class businesses.”

“We generated over $460 million in cash from operations in the first half of the year and our balance sheet is as strong as ever,” said Max Chiara, CFO of IGT. “Our ample liquidity and manageable near-term debt maturities provide us significant flexibility in light of upcoming investments, to extend and secure our long-term lottery contract portfolio for the coming years.”

International Game Technology PLC (IGT) has recently announced record-breaking financial results for the first half of 2024, showcasing the company’s strong performance and growth in the gaming industry.

IGT, a global leader in gaming technology and services, reported a revenue increase of 15% compared to the same period last year, reaching a total of $2.5 billion. This growth was driven by strong performance across all of the company’s business segments, including gaming machines, lottery, and digital gaming.

One of the key drivers of IGT’s success in the first half of 2024 was the continued expansion of its digital gaming business. The company saw a 25% increase in revenue from its digital gaming segment, as more players turned to online and mobile platforms for their gaming entertainment. IGT’s investments in technology and innovation have allowed the company to deliver a seamless and engaging gaming experience to players around the world.

In addition to its digital gaming success, IGT also saw strong performance in its gaming machines and lottery segments. The company’s gaming machine revenue increased by 10%, driven by the popularity of its new game titles and innovative hardware offerings. The lottery segment also saw a 12% increase in revenue, as IGT continued to expand its presence in key markets and introduce new products and services.

IGT’s strong financial results for the first half of 2024 are a testament to the company’s commitment to innovation, customer satisfaction, and operational excellence. The company’s CEO, Marco Sala, expressed his satisfaction with the results, stating that IGT is well-positioned for continued growth and success in the gaming industry.

Looking ahead, IGT remains focused on driving growth through continued investment in technology, product development, and market expansion. The company is optimistic about its future prospects and is confident in its ability to deliver value to shareholders and customers alike.

Overall, IGT’s record-breaking financial results for the first half of 2024 demonstrate the company’s strong performance and leadership in the gaming industry. With a solid foundation of innovation and customer focus, IGT is well-positioned for continued success in the years to come.