International Game Technology (IGT) released its strong financial results for the first quarter of 2022.
IGT considers these to be the financial highlights of the quarter:
- Consolidated revenue of $1.1 billion, up 4% as reported and 7% at constant currency, from $1.0 billion in the prior year
- Global Lottery revenue of $680 million compared to $749 million in the prior-year period, which included $95 million in prior-year benefits from Italy gaming hall closures, higher multi-state jackpot activity, and incentive accruals related to LMA agreements; 4% increase year-over-year excluding said benefits
- Global Gaming revenue increases 42% to $325 million, driven by significantly higher product sales revenue and higher active installed base units
- Digital & Betting revenue up 24% to $47 million, as double-digit growth across activities continues; year-over-year increase driven by market expansion, organic growth, and timing of jackpots
- Operating income of $252 million, compared to $260 million in the prior year, down 3% as reported but up 2% at constant currency
- Global Lottery operating income down, primarily due to about $80 million in prior-year benefits referenced above
- Increased high-margin intellectual property royalties in Global Gaming and lower jackpot accruals in Digital & Betting.
Discussing the results, Vince Sadusky, CEO of IGT, noted: "The quarter's strong margin profile highlights the long-term recovery of the gaming business as well as increased levels of lottery play from pre-COVID periods. The Company's initiatives around a simplified corporate structure have resulted in strong liquidity as we continue to invest in product development and return capital to shareholders".
While, Max Chiara, CFO of IGT, "This quarter marks excellent progress on the profitable growth trajectory outlined at our November 2021 Investor Day. The benefits we are realizing from continued discipline around cost and cash flow management are evident in profit margins that are among the highest in the last three years and in significantly lower interest expense".
On the other hand, the company ensures that the key points for the results are the following:
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- Secured three-year lottery contract extension with the Missouri Lottery; awarded multi-year instant ticket contract with Lotto Baden-Württemberg in Germany
- Executed broad patent cross-licensing agreement with Aristocrat Leisure Limited
- Recently signed agreement with Atlantic Lottery Corporation to provide 1,375 CrystalDual® 27 video lottery terminals
- Launched high-performing IGT PlayCasino games in West Virginia, expanding digital footprint to five U.S. states, and in Ontario, as market expands to include commercial operators
- Extended sports betting momentum through strategic agreements with Meruelo Gaming LLC and Kalispel Casino
- Recently won "Casino Supplier of the Year" at Global Gaming Awards London and "Multi-Channel Supplier of the Year" at International Gaming Awards
- PeakSlant32™ cabinet, Regal Riches™ slot game, Floor Manager™ systems solution, and Diversity and Inclusion achievements receive top honors at The Casino Awards 2022
- Earned "Best Place to Work for LGBTQ+ Equality" designation by Human Rights Campaign Foundation
- Joined the Science Based Targets initiative (SBTi), officially pledging to set targets to reduce greenhouse gas emissions
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