- International Game Technology (NYSE: IGT) reported third-quarter FY22 revenue growth of 14% year-on-year to $1.06 billion (at constant currency), beating the consensus of $1.01 billion.
- Revenue grew by 8% Y/Y on a reported basis.
- Revenue from Global Lottery grew by 4% Y/Y to $626 million (CC), Global Gaming rose 34% Y/Y to $379 million (CC), and Digital & Betting increased 34% Y/Y to $54 million (CC).
- The operating margin contracted by 200 bps to 20%, as the operating income increased by 9% Y/Y to $211 million (CC).
- Adjusted EPS of $0.43 beat the consensus of $0.31.
- IGT held $401 million in cash and equivalents. It generated $236 million in operating cash flow, up 109% Y/Y.
- Dividend: The board declared a quarterly cash dividend of $0.20 per share.
- Outlook: IGT targets the upper half of its FY22 revenue outlook of $4.1 billion - $4.2 billion versus the consensus of $4.11 billion.
- IGT sees Q4 revenue of $1.0 billion, below the consensus of $1.02 billion.
- Price Action: IGT shares traded higher by 11.58% at $22.26 on the last check Tuesday.
- Photo Via Company
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