US – IGT clears the $1bn mark with revenues up eight per centBy Phil - 8 November 2022
International Game Technology generated revenue of $1.06bn for the third quarter ended September 30, 2022, an increase of eight per cent from $984m in the prior year.
Global Lottery revenue came in at $626m, down four per cent but up four per cent at constant currency, primarily driven by strong, multi-jurisdictional jackpot activity
Global Gaming revenue rose to $379m, up 31 per cent as reported and 34 per cent at constant currency on significant increases in machine shipments, average selling prices, installed base yields, and intellectual property and multi-year poker site licenses
Digital & Betting revenue increased 27 per cent, 34 per cent at constant currency, to $54m, primarily driven by iCasino with contributions from the iSoftBet acquisition, new markets in North America, and organic growth
“IGT’s organization along three business segments enables our teams to be focused on developing and delivering best-in-class products and services,” said Vince Sadusky, CEO of IGT. “The accomplishments are evidenced in accelerated revenue and profit expansion in the third quarter, achieving the top-end of our margin outlook. Customer and player demand trends remain encouraging and IGT’s suite of innovative products and solutions has never been better. In addition, we reached the lowest debt leverage in the Company’s history, while returning a record $224 million in capital to shareholders so far this year.”
“Our strategy to innovate, optimize, and grow is fueling progress across the portfolio,” said Max Chiara, CFO of IGT. “Robust year-to-date cash flows and proceeds from the sale of the Italy proximity payments/commercial services business, in addition to proactive liability management, enabled us to reduce debt to the lowest level ever. This enhanced credit profile provides greater financial flexibility to execute on the broadened, balanced capital allocation strategy presented at the Investor Day last November.”