International Game Technology Q3 Profit Rises, Revenue Up 21%; Increases Guidance

International Game Technology PLC (IGT) said its operating income more than doubled, while revenue grew over 20% year-over-year, for the third quarter. Based on year-to-date results and financial condition, the Board reinstated a quarterly cash dividend. Looking forward, the company increased its full year 2021 outlook for continuing operations.

Third quarter operating income was $212 million, up 144% from prior year. Net income was $101 million compared to net loss of $129 million, last year, driven by higher revenue and operating profit, and a reduction in foreign exchange losses. Net income per share from continuing operations was $0.31 compared to a loss of $0.75.

On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.30, for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenue was $984 million, up 21% from previous year. Analysts on average had estimated $981.09 million in revenue. Global Lottery revenue increased 14% to $652 million. Global Gaming revenue was $289 million, up from $216 million, last year.

For 2021, the company now expects operating income of approximately $900 million, revised from prior guidance of approximately $800 million. Revenue is projected to be approximately $4.1 billion.

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