International Game Tech (NYSE: IGT) reported Q2 EPS of $1.49, which may not compare to the analyst estimate of $0.21. Revenue for the quarter came in at $1.04 billion versus the consensus estimate of $923.1 million.

"Impressive second quarter results highlight the vitality of our portfolio," said Marco Sala, CEO of IGT. "Outstanding Lottery performance, the progressive recovery in land-based Gaming, and strong increase in Digital & 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."

"Record free cash flow from continuing operations and proceeds from recent asset sales fueled significant debt reduction in the first half," said Max Chiara, CFO of IGT. "Our leverage profile improved substantially, reaching pre-pandemic levels well ahead of expectations, and improving our credit profile and overall financial condition."

GUIDANCE:

• Second half 2021 revenue and operating income from continuing operations of $2.0 billion and $300 million, respectfully, meaningfully higher than prior year
  • Global Lottery returns to more normal growth rates applied to higher levels of consumption; third quarter-to-date same-store sales up double digits versus 2019
  • Global Gaming progressive recovery continues
• Second half 2021 compared to first half 2021
  • Revenue, operating income, and cash from operations lower on normalization of lottery growth trends
  • Capital expenditures of approximately $175 million, sequentially accelerating to support growth; full year capital expenditures below 2019 levels
  • Depreciation and amortization stable
• Does not factor in any additional impact from COVID-19 restrictions

For earnings history and earnings-related data on International Game Tech (IGT) click here.