{"id":262,"date":"2024-06-27T07:30:30","date_gmt":"2024-06-27T04:30:30","guid":{"rendered":"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/igt-reports-strong-second-quarter-revenue-raises-2023-projections\/"},"modified":"2024-06-27T07:30:30","modified_gmt":"2024-06-27T04:30:30","slug":"igt-reports-strong-second-quarter-revenue-raises-2023-projections","status":"publish","type":"post","link":"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/igt-reports-strong-second-quarter-revenue-raises-2023-projections\/","title":{"rendered":"IGT Reports Strong Second-Quarter Revenue, Raises 2023 Projections"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/5g6XQ4QRYxo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Global gaming giant International Game Technology (IGT) has unveiled its financial performance for the second quarter, revealing a robust revenue figure of $1.05 billion (\u00a3825.3 million\/\u20ac961.1 million).  This positive outcome has prompted the company to revise its revenue projections for the entirety of 2023.<\/p>\n<p>Revenue for the second quarter exhibited a modest increase of 3.3% when compared to the same period in the previous year.  However, this growth was relatively stagnant when juxtaposed against the $1.06 billion recorded in the first quarter.<\/p>\n<p>IGT&#8217;s global lottery operations emerged as the primary revenue driver, contributing a substantial $624 million during the quarter.  While this figure represents a slight dip from the $648 million generated in the corresponding period of the prior year, global gaming revenue experienced a notable surge of 13.0%, reaching $373 million.<\/p>\n<p>The remaining portion of the quarter&#8217;s total revenue was attributed to PlayDigital, which generated $59 million.<\/p>\n<p>IGT&#8217;s chief executive, Vince Sadusky, attributed the revenue expansion to strategic initiatives implemented during the six-month period concluding on June 30.<\/p>\n<p>Sadusky emphasized, &#8220;Our second-quarter and first-half results demonstrate vigorous revenue and profit growth across all business segments.  By executing key strategic initiatives and effectively addressing the market&#8217;s escalating demand for IGT&#8217;s captivating content and solutions, we have successfully attained our objectives.&#8221;<\/p>\n<p>The company underscored its collaboration with the Connecticut Lottery as a pivotal strategic initiative. <\/p>\n<p>The firm also highlighted that a two-decade agreement unveiled in June will oversee the instant and passive lottery in Minas Gerais, Brazil.<\/p>\n<p>IGT extended its long-term collaboration with the Belgian National Lottery before the quarter concluded. In April, it expanded its betting partnership with the Rhode Island Lottery.<\/p>\n<p>Sadusky added that IGT is &#8220;making consistent progress&#8221; toward its 2025 objectives. Meanwhile, IGT Chief Financial Officer Max Chiara revealed that the company is increasing its full-year 2023 revenue projections.<\/p>\n<p>&#8220;We have a solid base to continue investing in our growth goals, further decrease debt, and return capital to investors,&#8221; Chiara stated. &#8220;Based on our first-half performance, we are confident in raising our full-year 2023 revenue and operating margin expectations.&#8221;<\/p>\n<p>&#8220;Strategic alternatives&#8221; for Global Gaming and PlayDigital<br \/>\nOn June 8, IGT announced that it was considering &#8220;strategic alternatives&#8221; for its Global Gaming and PlayDigital divisions. This could result in the sale, merger, or divestment of these divisions.<\/p>\n<p>At the time, IGT emphasized that there was no set timeline for the decision.<\/p>\n<p>The company also stated that the process could end with IGT retaining Global Gaming and PlayDigital and continuing to invest in these divisions.<\/p>\n<p>Second-quarter revenue breakdown<br \/>\nBreaking down further by segment, Global Lottery revenue was primarily driven by service revenue, reaching $588 million. <\/p>\n<p>Earnings from services encompass management agreement income, the gradual reduction of license fees, and miscellaneous service earnings. The remaining $35 million originated from product sales.<\/p>\n<p>Globally, service revenue, encompassing terminals and software, reached $188 million. Product sales generated $185 million in revenue.<\/p>\n<p>Sales of gaming machines also saw growth, reaching 8,269 units. This represents a 14.9% increase from the same period last year, with the majority (6,324 units) sold in the United States and Canada.<\/p>\n<p>Geographically, the United States and Canada contributed $650 million in revenue, a rise of 11.1% year-on-year. Revenue from Italy amounted to $240 million, a decrease of 16.6%. This decline is likely due to the ongoing effects of IGT&#8217;s divestment of its adjacent payment business in September 2022.<\/p>\n<p>Revenue from the rest of the world totaled $164 million, an increase of 10.8%.<\/p>\n<p>IGT&#8217;s Second Quarter Financial Results<\/p>\n<p>Examining operating expenses, service expenses were the highest, totaling $402 million. Research and development expenditures amounted to $211 million. The cost of product sales was $131 million, while expenses incurred from research and development were $60 million.<\/p>\n<p>Total operating expenses for the quarter were $805 million, a rise of 1.5%. This resulted in operating income of $251 million, an increase of 10.0% year-on-year.<\/p>\n<p>Non-operating expenses totaled $75 million. After paying $86 million in income taxes, net income for the quarter was $90 million, nearly triple the net income of $34 million in the second quarter of 2022.<\/p>\n<p>EBITDA and Fiscal Year 2023 Projections <\/p>\n<p>Modified earnings before interest, taxes, depreciation, and amortization (EBITDA) hit $443 million this quarter, a rise of 5.8% annually.<\/p>\n<p>IGT presently anticipates full-year income to be between $4.2 billion and $4.3 billion. This is a boost from its FY23 income projection of $4.1 billion to $4.2 billion, which was forecasted in its FY22 outcomes.<\/p>\n<p>First-Half Breakdown<br \/>\nTotal income for the first half of the year was $2.11 billion, an increase of 2.1% annually.<\/p>\n<p>Total operating expenditures for the first half of the year were $1.61 billion, an increase of 1.1% annually. As usual, the service sector had the highest costs, reaching $800 million. Sales, general, and administrative expenses reached $428 million, while the cost of goods sold was $258 million.<\/p>\n<p>Research and development expenses accounted for the remaining $122 million.<\/p>\n<p>Operating expenditures resulted in an operating profit of $506 million.<\/p>\n<p>After non-operating expenditures of $176 million and income taxes of $173 million, net profit for the first half of the year totaled $157 million, an increase of 4.0% annually.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global gaming giant International Game Technology (IGT) has unveiled its financial performance for the second quarter, revealing a robust revenue figure of $1.05 billion (\u00a3825.3 million\/\u20ac961.1 million). This positive outcome has prompted the company to revise its revenue projections for the entirety of 2023. Revenue for the second quarter exhibited a modest increase of 3.3% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IGT Q2 Earnings: Revenue Soars, Outlook Upgraded<\/title>\n<meta name=\"description\" content=\"International Game Technology (IGT) reports strong Q2 revenue, exceeding $1 billion, leading to an upward revision of its 2023 revenue forecast.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/igt-reports-strong-second-quarter-revenue-raises-2023-projections\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"IGT Reports Strong Second-Quarter Revenue, Raises 2023 Projections\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"International Game Technology (IGT) reports strong Q2 revenue, exceeding $1 billion, leading to an upward revision of its 2023 revenue forecast.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/igt-reports-strong-second-quarter-revenue-raises-2023-projections\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Experience Top-Notch Online Casino Gaming | Licensed &amp; Secure\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T04:30:30+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/igt-reports-strong-second-quarter-revenue-raises-2023-projections\/\",\"url\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/igt-reports-strong-second-quarter-revenue-raises-2023-projections\/\",\"name\":\"IGT Q2 Earnings: Revenue Soars, Outlook Upgraded\",\"isPartOf\":{\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-27T04:30:30+00:00\",\"dateModified\":\"2024-06-27T04:30:30+00:00\",\"author\":{\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"International Game Technology (IGT) reports strong Q2 revenue, exceeding $1 billion, leading to an upward revision of its 2023 revenue forecast.\",\"breadcrumb\":{\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/igt-reports-strong-second-quarter-revenue-raises-2023-projections\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/igt-reports-strong-second-quarter-revenue-raises-2023-projections\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/igt-reports-strong-second-quarter-revenue-raises-2023-projections\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IGT Reports Strong Second-Quarter Revenue, Raises 2023 Projections\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/\",\"name\":\"Experience Top-Notch Online Casino Gaming | Licensed &amp; Secure\",\"description\":\"Dive into the thrilling world of online gambling with our fresh casino news, detailed game reviews, and informative articles. 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