Global gaming products and services giant IGT has announced a strong second quarter of 2023, with adjusted EBITDA rising 8 percent to $443 million, as net revenue rose by 3 percent yearly to $1.06 billion.
IGT continued its increase in operating income in 2Q23, recording a yearly rise of 10 percent, to $251 million, with a 24 percent operating income margin up 150 basis points on margin expansion across segments.
The group’s other segments both saw double-digit growth during the quarter, on a yearly basis, with the Global Gaming segment up 13 percent to $373 million and its PlayDigital arm also rising 38 percent to $59 million.
Income from the lottery segment fell slightly, by 4 percent, during the quarter, to $624 million, which the group attributes to the sale of its Italy commercial services business.
‘Our 2Q and 1H results reflect solid revenue and profit momentum across all business segments,’ said Vince Sadusky, CEO of IGT.
‘We achieved the high end of our outlook by executing key strategic initiatives and growing demand for IGT’s compelling content and solutions. We are solidly on track to deliver on our 2025 objectives and remain focused on unlocking the intrinsic value of IGT’s market-leading businesses.’
‘Our year-to-date performance showcases the strong cash generation of the business. We have a solid foundation to build from as we continue to invest in our growth objectives, further reduce debt, and return capital to shareholders,’ said Max Chiara, CFO of IGT. ‘Based on our first-half results, we are confidently raising our full-year 2023 revenue and operating margin outlook.’