International Game Technology ( (IGT) ) has released its Q3 earnings. Here is a breakdown of the information International Game Technology presented to its investors.
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International Game Technology PLC (IGT) is a leading company in the gaming industry, providing a wide range of services from lotteries and gaming machines to sports betting and digital solutions across various regulated segments. The company is renowned for its innovative content and technology, serving clients in over 100 jurisdictions worldwide.
In its third-quarter 2024 earnings report, IGT recorded a revenue of $587 million, reflecting strong growth in Italy and improved performance in U.S. lottery services. This quarter is particularly significant as it marks the first time results are presented post-announcement of the sale of their Gaming & Digital business. The company also revealed a restructuring charge aimed at optimizing operations.
Key financial highlights for the quarter include an operating income of $110 million, influenced by a $38 million restructuring charge, and an adjusted EBITDA of $264 million with a margin of 44.9%. The ongoing operations have generated substantial cash flow, with $724 million year-to-date, and account for over 85% of consolidated free cash flow. IGT aims to maintain a strong financial profile by focusing on core lottery operations and implementing cost optimization strategies.
Strategically, IGT sold its Gaming & Digital business to Apollo Global Management for $4.05 billion, which is expected to conclude by late 2025. The company has also secured significant contracts with the North Carolina Education Lottery and Portugal’s national lottery. These moves align with IGT’s transition to a leaner, more focused entity within the global lottery market.
Looking forward, IGT management is optimistic about the company’s future as a pure-play lottery business. They have introduced guidance for the fourth quarter and full year 2024, anticipating revenue between $2.50 billion and $2.55 billion. The company’s focus remains on leveraging industry dynamics and optimizing operations to drive long-term growth and profitability.
