International Game Technology, a multinational provider of gambling tech and slot machines, has seen a moderate increase in its revenues. The company reported that its earnings for the first quarter of 2022 rose by 4%.
IGT’s Business Is in a Good Place
According to IGT’s official figures, the company earned $1.1 billion for the first three months of the year. This translates to a 4% year-on-year increase. Additionally, the company had an operating income of $252 million and an income margin of 24%. Lastly, IGT’s adjusted EBITDA for the period sat at $433 million, which continues the tendency of growth. The company also had a 41% adjusted EBITDA margin, which is the highest it has ever recorded.
The favorable results show that IGT’s business remains at record levels. Many of the numbers exceeded the company’s expectations, which sets it up for a strong 2022. Thanks to the overall increase in revenues, IGT was able to return $80 million to its shareholders through cash dividends and share repurchases. This is yet another record-breaking number and adds to the high shareholder value IGT has been maintaining for the last few months.
Admittedly, there were some hurdles along the way as well as not all numbers followed the same pattern. IGT’s operating income, for example, dropped to $252 million, which marks a 3% year-on-year decline. The revenues from IGT’s Global Lottery, on the other hand, plummeted to $680 million, which represents a 9% decrease compared to the first quarter of 2021.
Sadusky Is Excited to Increase IGT’s Shareholder Value
Despite the few bumps along the way, Vince Sadusky, the chief executive officer of IGT, is optimistic about the future. He lauded the company’s efforts, saying that he is excited about the overall favorable results.
The first-quarter results reflect the power of our portfolio… The quarter’s strong margin profile highlights the long-term recovery of the gaming business as well as increased levels of lottery play from pre-Covid periods.
Vince Sadusky, CEO of IGT
Sadusky added that IGT’s initiatives around a simplified corporate structure have improved the company’s liquidity. Although Sadusky is delighted by the current results, he also vowed to continue investing in product development and enhance the company’s shareholder value even more.
IGT recently received acclaim by G4 for its exceptional commitment to responsible gaming. G4’s chairman applauded the company for making player safety a priority and was delighted to accredit it.
A month ago, IGT inked a crucial cross-licensing deal with the Australian giant Aristocrat. The former company continues to expand and improve its business with strategic agreements.