Benzinga | May 11, 2021 11:04AM EDT

International Game Technology Crushes Q1 Earnings Estimate, Expects To Reach Pre-Pandemic Levels By 2021

* International Game Technology PLC (NYSE: IGT) reported first-quarter FY21 revenue growth of 25% year-on-year to $1.015 billion, beating the analyst consensus of $876.19 million.

* Global Lottery revenue rose 48% Y/Y to $749 million from growth in same-store sales; Global Gaming revenue declined 14% Y/Y to $266 million, and Digital & Betting Revenue (included in total revenue) rose 85% Y/Y to $58 million.

* Operating income amounted to $260 million. Global Lottery operating income rose 133% Y/Y to $337 million, while Global Gaming operating loss rose 208% Y/Y to $19 million.

* IGT clocked a net income of $92 million with EPS of $0.38, beating the analyst consensus of $0.09.

* Adjusted EBITDA rose 72% Y/Y to $450 million. Global Lottery adjusted EBITDA increased 84% Y/Y to $447 million, while Global Gaming adjusted EBITDA declined 39% Y/Y to $19 million.

* The company generated $251 million in operating cash flow and held $748 million in cash and equivalents.

* Global Lottery segment achieved record same-store sales levels on impressive increases around the world, CEO Marco Sala said. The Global Gaming segment was demonstrating swift, progressive recovery, including accelerated momentum for Digital & Betting activities, Sala said.

* IGT expected to return to 2019 levels for key financial metrics this year, Sala added.

* Price action: IGT shares traded higher by 7.79% at $18.80 on the last check Tuesday.