IGT Delivers Solid Q3 Fiscals
International Game Technology PLC (IGT) has released solid financial results for its third quarter, ending September 30.
The report states that the company maintained a consistent revenue of US$1.06 billion (£870m). When factoring in the Italy commercial services sale from September 2022, the revenue showed a six percent increase.
Operating income for the quarter was US$239 million (£196.98m), a 13 percent increase from the previous year. Adjusted EBITDA increased by eight percent to US$433 million (£356.88m), with margins improving to 41 percent.
During this period, IGT extended its lottery contract with the California Lottery until October 2033 and with the Kentucky Lottery Corporation until July 2036.
The company also introduced a cloud-based iLottery platform for Totalizator Sportowy in Poland — and displayed its products at the Global Gaming Expo and Australasian Gaming Expo.
Furthermore, IGT launched a game for Caesars Palace Online Casino and unveiled a new cabinet with sports betting interfaces. The company also expanded its technology services with deployments in Mississippi and Wisconsin.
On the sustainability front, IGT released a sustainability report for 2022 and received recognition for its efforts towards disability inclusion.
“The strength of our leadership positions across Global Lottery, Global Gaming, and PlayDigital is evident in our third quarter and year-to-date results,” said IGT CEO Vince Sadusky.
“Excellent momentum in key performance indicators is driving revenue growth and even stronger profit expansion.
“With a compelling pipeline of innovative products and solutions showcased at recent trade shows, I’m confident we can achieve our near- and medium-term goals as we focus on unlocking the intrinsic value of IGT’s market-leading assets.”
IGT’s Chief Financial Officer Max Chiara added: “We are pleased with the financial results we delivered in the third quarter, including top-line growth, margin expansion, and strong cash flow generation.
“Our financial position is solid with net debt leverage at a historical low point and already comfortably within our long-term target range, which coupled with no meaningful near-term debt maturities and access to significant liquidity, greatly enhances our balance sheet and creates additional financial flexibility.”