Global supplier to the gaming industry IGT has reported a 7% increase in revenue and 24% improvement in operating income in the three months to 31 December 2022, largely driven by gains in its Global Gaming segment.
Publishing its 4Q22 and FY22 results on Thursday (Asia time), IGT saw its revenue reach US$1.1 billion for the quarter, including a 21% increase in Global Gaming revenue to US$389 million on “robust double-digit growth across service and product sale revenue streams”.
PlayDigital also booked a 56% increase to US$65 million although Global Lottery fell by 7% to US$639 million.
The improved revenue saw operating income rise by 24% year-on-year to US$230 million with Adjusted EBITDA up 8% to US$419 million. IGT also further paid down debt in Q4 from US$5.92 billion a year earlier to US$5.15 billion.
For FY22, revenue of US$4.2 billion was 3% higher year-on-year, again driven by strong Global Gaming and PlayDigital growth.
The company achieved record operating income of US$922 million in 2022, with net debt reduced by US$771 million.
“We achieved all our financial goals last year while strengthening product leadership positions across our Global Lottery, Global Gaming and PlayDigital activities,” said Vince Sadusky, CEO of IGT.
“Important strategic work executed over the last few years has transformed IGT into a company with higher growth prospects, a better profit profile and a solid path to delivering on our long-term goals. It has also enabled record capital returns to shareholders in 2022. We enter 2023 from a position of strength with good momentum across business segments.”
IGT’s CFO, Max Chiara, added, “2022 was another year of significant financial accomplishments. With reduced interest expense and improvements to the effective tax rate, 2022 adjusted EPS highlights IGT’s significantly improved earnings power. We generated strong cash flow while funding increased investments for future growth.
“This, coupled with proceeds from sales of non-core businesses, allowed us to meaningfully reduce debt and leverage to the lowest levels ever. The company’s enhanced credit profile and significant liquidity provide solid support and flexibility as we execute our multi-year plan.”