International Game Technology’s Financial Performance and Strategic Transformation in 2024

International Game Technology, a prominent name in the global gaming industry, has unveiled its most recent financial report. This document sheds light on the company’s performance during the fourth quarter and throughout the entire year of 2024.

Income from Continuing Operations Increases in Q4 and 2024

According to the financial update released earlier this week, the company’s total revenue for 2024 reached an impressive $2.5 billion. This revenue achievement was largely driven by the sales of draw games and instant games across several key markets, including the United States, Canada, and Italy.

Although the revenue reported for 2024 indicates strong performance, it reflects a slight 1% decline compared to the previous year’s figures. Operating income for 2024 amounted to $686 million, which marks a 9% decrease from the $752 million reported in 2023.

• The income from continuing operations for 2024 reached $271 million, with a margin of 10.8%.
• This represents a 2% increase, and the margin also showed improvement from the 10.5% reported in 2023.

Furthermore, International Game Technology reported favorable results for the fourth quarter of 2024. The company’s revenue for this quarter was $651 million, indicating a 4% decline compared to the $681 million achieved in the fourth quarter of 2023.

• The operating income for the fourth quarter of 2024 was $179 million, reflecting a 9% decrease year-over-year.
• However, the operating income from continuing operations rose significantly to $116 million in the fourth quarter of 2024, marking a 60% year-over-year increase.
• The margin for income from continuing operations improved from 10.7% in the fourth quarter of 2023 to 17.9% in the same quarter of the previous year.

IGT’s Strategic Transformation in 2024

Max Chiara, the Chief Financial Officer of IGT, expressed enthusiasm about the recent results, acknowledging them as robust. He noted that in 2024, the company succeeded in reducing its debt, returning capital to shareholders, and simultaneously investing in its operations.

He elaborated, ‘Our core, recurring business possesses a compelling low-to-mid single-digit growth profile, providing a strong foundation as we embark on our next capital expenditure cycle aimed at securing our portfolio and extending its duration to over eight years.’

Vince Sadusky, the CEO of IGT, shared similar sentiments of satisfaction. ‘2024 was a year of significant transformation with the completion of our strategic review and the announced sale of our Gaming & Digital business for $4.05 billion in cash,’ he stated.

Sadusky emphasized the company’s unparalleled capabilities in developing world-class lottery solutions and innovative game content, which support numerous critical investments to drive long-term growth and enhance shareholder returns.

In conclusion, the executive expressed confidence in IGT’s strong positioning for continued growth in the future.