The leading global gaming company, International Game Technology (IGT), released its latest financial report, highlighting details regarding its performance for the fourth quarter and full year 2024.

Income from continuing operations grows in Q4 and 2024

Based on the latest financial update, details of which emerged earlier this week, the company's full year 2024 revenue hit $2.5bn.

IGT explained that its revenue throughout the year was driven by draw game and instant game sales in a number of strategically important markets such as the United States, Canada, as well as Italy.

While the revenue reported for 2024 represented a solid result, it did signal a slight decrease of 1% when compared to the figure reported in 2023.

Operating income for the full year 2024 hit $686m. Compared to the $752m result from 2023, the operating income marked a decrease year-over-year of 9%.

On the bright side, income from continuing operations for 2024 hit $271m at a 10.8% margin, signaling an increase of 2% and an improvement of the margin which in 2023 halted at 10.5%.

Besides solid results for the year, IGT reported good results for the fourth quarter of 2024.

The Q4 revenue reported by the company was $651m, a result that represents a 4% decrease year-over-year when compared to the $681m figure from Q4 2023.

Similarly, operating income in Q4 2024 halted at $179m, a result that showed a decrease of 9% year-over-year.

Still, operating income from continuing operations increased, hitting $116m in Q4 2024, up by 60% year-over-year.

The income from continuing operations margin increased from 10.7% in Q4 2023 to 17.9% in Q4 last year.

IGT completed a strategic transformation in 2024

Max Chiara, IGT's CFO, shared his excitement about the latest results, recognizing them as "solid."

He explained that in 2024, the company was able to reduce its debt, return capital to shareholders and at the same time invest in the business.

"Our core, recurring business has a compelling low-to-mid single digit growth profile and provides a solid foundation as we head into our next CapEx cycle aimed at securing our portfolio and extending its duration to more than eight years," Chiara added.

Vince Sadusky, IGT's CEO, was similarly delighted.

"2024 was a year of momentous transformation with the conclusion of our strategic review and the announced sale of our Gaming & Digital business for $4.05bn in cash," he said.

Moreover, Sadusky pointed out: "Our unmatched capabilities in developing world-class Lottery solutions and innovative game content support several important investments to drive long-term growth and shareholder returns."

Last but not least, the executive said that IGT is positioned well for further growth.

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