The income from continuing operations of global gaming machines, lottery, sports betting, and iGaming giant International Game Technology (IGT) grew 191% year-on-year to reach US $294 million at the end of 3Q22, the company announced earlier today.
Highest rise of gaming and betting segments:
According to IGT, the corporation saw the highest rise of its Global Gaming and Digital & Betting segments, but also capitalized higher foreign exchange rates and reduced income taxes and debt costs over the observed period.
The company’s consolidated revenue amounted for US $1.06 billion at the end of 3Q22 representing an 8% increase compared to the same period in 2021. Even though the company’s largest Global Lottery segment faced a 4% decrease in revenue to $626 million, consolidated revenue achieved by the organization in 3Q22 was 4% higher than in 2Q22.
“Significant increases in machine shipments, average selling prices, installed base yields, and intellectual property and multi-year poker site licenses” resulted in a 31% revenue increase of the Global Gaming segment to reach the level of US $379 million.
The Las Vegas-based company explained that iCasino and iSoftBet acquisitions, North American expansions, and organic growth contributed to the success of Digital & Betting operations resulting in a revenue increase of 27% on a year-on-year basis to hit US$54 million.
Steady earnings and reduced debt:
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) held steady at US$402 million in 3Q22, while net debt was reduced by 17% to US$5.08 billion.
IGT’s CEO, Vince Sadusky, commented: “IGT’s organization along three business segments enables our teams to be focused on developing and delivering best-in-class products and services.”
Sadusky added: “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 US$224 million in capital to shareholders so far this year.”
Committed to innovation, optimization, and growth:
Max Chiara, CFO of IGT, continued: “Our strategy to innovate, optimize and grow is fueling progress across the portfolio. 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.
Chiara concluded: “This enhanced credit profile provides greater financial flexibility to execute on the broadened, balanced capital allocation strategy presented at the Investor Day last November.