Global gaming giant IGT saw its income from continuing operations grow by 191% year-on-year to US$294 million, boosted by gains in its Global Gaming and its Digital & Betting segments. The company also benefited from higher foreign exchange gains, and a decrease in income taxes and cost of debt, IGT said in its 3Q22 results announcement, released overnight.
Consolidated revenue of US$1.06 billion represented an 8% increase over the same period in 2021 and was 4% higher than 2Q22. This was despite a 4% decrease in revenues in its largest Global Lottery segment to US$626 million.
Global Gaming revenues increased by 31% to US$379 million 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% year-on-year to US$54 million, primarily driven by iCasino with contributions from the iSoftBet acquisition, new markets in North America, and organic growth, IGT said.
Adjusted EBITDA held steady at US$402 million, while net debt was reduced by 17% to US$5.08 billion.
“IGT’s organization along three business segments enables our teams to be focused on developing and delivering best-in-class products and services,” said IGT’s CEO, Vince Sadusky.
“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.”
Max Chiara, CFO of IGT, added, “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.
“This enhanced credit profile provides greater financial flexibility to execute on the broadened, balanced capital allocation strategy presented at the Investor Day last November.”