International Game Tech (IGT) Tops Q1 EPS by 35c, Revenues Beat

International Game Tech (NYSE: IGT) reported Q1 EPS of $0.44, $0.35 better than the analyst estimate of $0.09. Revenue for the quarter came in at $1.02 billion versus the consensus estimate of $876.19 million.

"We delivered some of our strongest profit results ever during the first quarter, fueled by robust player demand and significant, structural cost savings," said Marco Sala, CEO of IGT. "Our Global Lottery segment achieved record same-store sales levels on impressive increases around the world. The Global Gaming segment is demonstrating swift, progressive recovery, including accelerated momentum for Digital & Betting activities. We expect to return to 2019 levels for key financial metrics this year."

"With the recovery in our business in full swing, we are delivering strong operating leverage which, when coupled with invested capital discipline, drove strong cash flows in the quarter," said Max Chiara, CFO of IGT. "This enabled us to accelerate our debt retirement strategy and gives us confidence in a return to pre-pandemic leverage levels by the end of the current year."

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

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