nternational Game Technology (IGT) reported Tuesday its financial results for the first quarter of 2021, which saw consolidated revenue grow 25% year-over-year to $1,015 million. The company achieved among highest revenue and profit levels in its history, fueled by its global lottery business.
Global lottery revenue was up 48% to $749 million, driven by 32.4% growth in same-store sales. Global gaming revenue totals $266 million, versus $310 million in the prior year; up sequentially from $255 million in Q4'20 as US gaming markets continue to recover. Operating income of $260 million compared to operating loss of $218 million in the prior year.
Adjusted EBITDA of $450 million compared to $261 million in the prior-year period, with global lottery achieving among the highest segment-level Adjusted EBITDA. Net income attributable to IGT was $92 million, versus a net loss attributable to IGT of $248 million in the prior-year period.
"We delivered some of our strongest profit results ever during the first quarter, fueled by robust player demand and significant, structural cost savings," said Marco Sala, CEO of IGT. "Our Global Lottery segment achieved record same-store sales levels on impressive increases around the world. The Global Gaming segment is demonstrating swift, progressive recovery, including accelerated momentum for Digital & Betting activities. We expect to return to 2019 levels for key financial metrics this year."
"With the recovery in our business in full swing, we are delivering strong operating leverage which, when coupled with invested capital discipline, drove strong cash flows in the quarter," said Max Chiara, CFO of IGT. "This enabled us to accelerate our debt retirement strategy and gives us confidence in a return to pre-pandemic leverage levels by the end of the current year."
IGT will host its Investor Day on November 9, 2021.