IGT surprises analysts with 2Q results, boost in revenue

Capitalizing connected a revised indebtedness operation and the planetary gaming manufacture recovering faster than expected, IGT connected Tuesday reported second-quarter net that exceeded analysts’ expectations.

London-based IGT, which has a ample beingness successful Las Vegas and Reno, reported a 73.5 percent summation successful gross to $1.041 cardinal for the 4th that ended June 30.

The institution reported nett income of $365 million, $1.49 a share, for the quarter. In the aforesaid play a twelvemonth earlier, successful the highest of the coronavirus pandemic, IGT reported a nett nonaccomplishment of $282 million, $1.37 a share, connected gross of $600 million.

Results outpaced estimates from fiscal analysts who forecast gross of $923.1 million.

“Record escaped currency travel from continuing operations and proceeds from caller plus income fueled important indebtedness simplification successful the archetypal half,” Chief Financial Officer Max Chiara said successful a release. “Our leverage illustration improved substantially, reaching pre-pandemic levels good up of expectations, and improving our recognition illustration and wide fiscal condition.”

Chiara besides said casino gross is expected to scope pre-pandemic levels by the 4th quarter, but caller slot instrumentality income are not expected to scope 2019 levels until adjacent year.

IGT CEO Marco Sala said the institution is monitoring the dispersed of the COVID-19 delta variant connected markets, but helium doesn’t expect casino closures akin to what occurred successful the 2nd 4th of 2020.

Sala noted successful remarks successful Tuesday’s net league telephone that IGT’s sports wagering products are flourishing successful the United States.

“The deployment of our sports level continues to grow astatine a accelerated clip,” Sala said. “One of the much caller additions was the Resorts World Las Vegas sportsbook arsenic good arsenic its statewide mobile betting app. These developments grow our Nevada beingness that we archetypal established with Boyd Gaming earlier this year.”

Sala said the IGT sports wagering strategy is present deployed astatine astir 50 U.S. sportsbooks for 18 customers crossed 15 states.

IGT shares, traded connected the New York Stock Exchange, got an aboriginal boost with pre-opening trading Tuesday up $1.12. 5.9 percent, to $20.37 a share.

This is simply a processing story. Check backmost for updates.

Contact Richard N. Velotta astatine rvelotta@reviewjournal.com oregon 702-477-3893. Follow @RickVelotta connected Twitter.