International Game Technology’s second quarter results saw revenues of $1.02bn, down two per cent although they were up three per cent at constant currency, led by 23 per cent growth in global gaming.
The gaming giant said it was tightening its full-year 2022 revenue outlook to ‘reflect currency movements and perimeter impact from previously announced divestiture; reconfirming operating income margin outlook as fundamentals remain strong.’
Adjusted EBITDA came in at $409m, which was in line with the prior year’s record level at constant currency as global gaming performance offset lottery’s discrete benefits in the prior year. The 40 per cent adjusted EBITDA margin remains among the highest in the company’s history.
“Strong customer and player demand for IGT’s products and solutions drove some of our strongest profit results ever in the second quarter and first half of the year,” said Vince Sadusky, CEO of IGT. “Our business profile is supported by significant recurring revenue streams backed by long-term contracts and resilient end markets, providing a solid foundation on which to grow. We are laser focused on executing our strategic objectives and creating compelling value for our stakeholders.”
“Our first half results set us firmly on the path to achieving our 2022 financial targets,” said Max Chiara, CFO of IGT. “Rigor on costs and incremental revenue opportunities allow us to maintain our full-year operating income margin outlook despite unfavorable currency movements and macroeconomic challenges. At the same time, we are returning significant capital to shareholders via dividends and share repurchases.”
During the quarter, IGT completed the acquisition of iSoftBet, greatly expanding the company’s proprietary content library and providing a world-class game aggregation platform
It introduced the high-performing Money Mania wide area progressive game to commercial gaming jurisdictions following a successful launch in tribal casinos and signed an agreement with NUSTAR Resort & Casino to deploy IGT ADVANTAGE casino management system and a variety of leading games and cabinets
IGT also announced expanded sports betting partnership with SuperBook Sports to Tennessee, the fourth state where IGT’s PlaySports platform is powering the SuperBook Sports mobile betting app