Scientific Games First Quarter Improves on Double-Digit Growth in Lottery, Sciplay, Digital
03:56 PM EDT, 05/10/2021 (MT Newswires) -- Scientific Games (SGMS) on Monday reported improved results in the first quarter on double-digit growth across three segments, partially offset by a decline in the gaming business due to the COVID-19 pandemic.
The Las Vegas-based gaming and lottery company posted a loss of $0.16 per share, narrower than a loss of $1.69 a year earlier. Analysts polled by Capital IQ expected a loss of $0.48. Revenue rose to $729 million from $725 million. The Street expected $712.4 million.
"Despite the continued challenges, our teams' dedication and focus enabled us to build on our gains from last year," said Chief Executive Barry Cottle. "We delivered another strong quarter, enabling us to return to growth on both the top and bottom lines."
Lottery revenue grew 17% to $248 million on record US instant game sales and strength in Europe. SciPlay revenue jumped 28% to $151 million due to continued growth in social casino games. Digital revenue climbed 12% to $86 million on record iGaming results.
Gaming revenue in the quarter fell 23% to $244 million due to COVID-19 restrictions for casinos. The business is expected to grow in the second quarter from a year ago and from the first quarter, Cottle said in an earnings call, according to a Capital IQ transcript.
Total operating expenses fell to $648 million from $757 million last year.
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