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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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.
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