International Game Technology PLC announced its second quarter financial results on Tuesday ended June 30, 2021. Report shows revenue up 74% to over $ 1.0 billion, powered by increases in all companies, including 35% growth in same-store sales of Global Lottery.
“The impressive second quarter results underscore the vitality of our portfolio,” said Marco Sala, CEO of IGT. “The exceptional performance of the lottery, the gradual resumption of land-based games and the strong increase in digital and betting activities have resulted in substantial growth in revenues and profits. “
On the Adjusted EBITDA increase of 170% to $ 442 million, Sala described him as “among the highest recorded in a quarterly period.“
Present financial results delivered operating income of $ 244 million, highlighting “the impressive operating leverage of the global lottery” and “excellent progress in structural cost savings”.
Other highlights include a return to profitability for Global Gaming as the gradual recovery continues; Digital and betting revenues increased 41% in the quarter; and Global Lottery Revenues Rise 58% To $ 725 Million, the second highest revenue and profit levels in segment history, driven by strong demand from gamers.
On the results of the performance of the first half, Sala said: “We are raising our outlook for the year and now expect to exceed 2019 levels for key financial indicators this year. “
Net profit reaches $ 365 million comprised of a loss of $ 39 million from continuing operations and income from discontinued operations of $ 404 million, including a gain on sale of assets.
In addition, IGT generated $ 500 million in cash from continuing operations and a record level of $ 380 million in free cash flow in the first half of the year.
“Record free cash flow from continuing operations and the proceeds from recent asset sales were fueled by significant debt reduction in the first half of the year, ”said Max Chiara, Chief Financial Officer of IGT. “Our debt profile has improved significantly, reaching pre-pandemic levels well beyond expectations, and improving our credit profile and overall financial condition.”
The report also marks a reduction in net debt of $ 1.0 billion in the first half of the year and net debt leverage improved from 6.4x to 4.3x, reaching the target six months early.
Looking ahead, IGT estimates the revenue and operating profit from continuing operations for the second half of 2021 to be $ 2.0 billion and $ 300 million, respectively, higher than the previous year.