Game equipment maker and content provider International Game Technology Plc (IGT) posted total revenue of just under $1.07 billion in the first quarter of 2024, flat year-over-year but higher than the company expected.

"Fiscal year 2024 is off to a good start with Q1 results that beat our forecasts," IGT CEO Vince Sadusky said on a conference call with investment analysts on Wednesday.

First-quarter revenue was about $1.1 billion, "better than expected, primarily driven by global gaming and iGaming performance," he added. "The 24% operating margin was 400 basis points higher than expected."

The company posted net income attributable to shareholders of $82 million in the three months to March 31, up from a profit of $23 million recorded in the first quarter of 2023.

IGT's Board of Directors announced on June 13 that it would pay a quarterly cash dividend of $0.20 per common share.

The group operates three main categories: Global Lottery, Global Gaming, and PlayDigital, an online content division.

First-quarter operating income was $265 million, flat from a year earlier. Excluding segregation and sale costs related to the group's gaming and digital divisions, IGT said operating income rose 7% year-over-year to "record $273 million" in the three months ended March 31, while operating margin expanded to 25.6%.

IGT will separate its gaming and play digital divisions and combine those businesses with another gaming technology provider, Avery Holdings, it said in a joint update on Feb. 29. IGT shareholders are expected to own about 54% of the combined company, with Mr. Sadusky leading the combined corporation.

IGT's adjusted net income (EBITDA) before interest, tax, depreciation and amortization (EBITDA) in the first quarter was $443 million, down 1.3% from a year ago. EBITDA margin reached 41.5% during the period.