IGT Posts Sluggish Q3 Results On Weak Lottery Business, Tightens FY23 Outlook
Portfolio Pulse from Lekha Gupta
International Game Technology PLC (NYSE:IGT) reported flat Q3 FY23 revenue of $1.065 billion, beating the consensus of $1.029 billion. Revenue from Global Lottery declined by 4% Y/Y to $601 million, while Global Gaming rose 8% Y/Y to $409 million. Adjusted EBITDA rose 8% Y/Y to $433 million. The company declared a quarterly cash dividend of $0.20 per share. IGT expects Q4 revenue of $1.1 billion, with Global Lottery revenue up low-to-mid single-digits Y/Y. The company tightened the FY23 revenue outlook to $4.3 billion. IGT shares are trading lower by 4.58% at $25.21.
October 31, 2023 | 4:39 pm
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NEGATIVE IMPACT
IGT reported flat Q3 FY23 revenue, beating consensus, with mixed performance across its business segments. The company declared a quarterly cash dividend and tightened its FY23 revenue outlook. However, shares are trading lower.
Despite beating consensus estimates and declaring a dividend, IGT's shares are trading lower, likely due to the decline in Global Lottery revenue and the flat overall revenue. The tightened FY23 revenue outlook may also be contributing to investor uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100