International Game Techonology reports $1.06bn in Q3 revenue (+8%)

As noted by IGT, there were contributions from each segment, including over 30% growth in Global Gaming. The segment climbed 31% year-on-year to $379m. 

Global Lottery declined 4% year-on-year to $626m, with Digital & Betting growing 27% year-on-year to $54m. 

Operating income for Q3 2022 was $211m, with an operating income margin of 20%. 

Adjusted EBITDA for the period amounted to $402m, reflecting robust Global Lottery profitability and a strong increase from Global Gaming.

"IGT's organisation along three business segments enables our teams to be focused on developing and delivering best-in-class products and services", said IGT 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, whle returning a record $224m in capital to shareholders so far this year". 

IGT noted that it received $700m in gross proceeds from the sale of its Italian proximity payments business, while also completing the acquisition of iGaming content provider and third-party aggregator iSoftBet for approximately 160 million euros.

IGT CFO Max Chiara commented: "Our strategy to innovate, optimise 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 lever 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".