IGT reports record revenue, production
International Game Technology started its new fiscal year with another stellar quarter.
The Reno-based slots maker last week reported that revenues increased 24 percent to a record $608.1 million from the same quarter a year earlier, while operating income jumped 35 percent to $202.2 million for the quarter that ended Dec.
The company’s margins on consolidated product sales rose to 50 percent from 48 percent a year earlier, while margins on domestic product sales rose to 53 percent from 48 percent in the same quarter 2002.
IGT said the better margins were due to improved efficiencies at its Reno manufacturing plant, which produced a record 34,600 machines during the quarter.
IGT attributed a jump in replacement sales of domestic machines – an increase of 48 percent to 16,400 systems – to its EZ Pay Ticket-in/Ticket-out technology.
The company expects replacement sales to continue on track since only about a third of its 720,000 machines in the United States use the cashless technology, said CEO T.J.
Matthews during a conference call announcing the results.
The company sold 22,600 slots in the United States and 23,500 machines internationally.
The cancelation of the 2020 event “severely affected operating revenue,” according to the Great Reno Balloon Race.