- International Game Technology (NYSE:IGT) reported first-quarter FY22 revenue growth of 4% year-on-year to $1.05 billion, above the consensus of $1.04 billion.
- Revenue from Global Lottery fell 9% Y/Y to $680 million, Global Gaming rose 42% Y/Y to $325 million, and Digital & Betting increased 24% Y/Y to $47 million.
- The operating margin contracted by 200 bps to 24%, as the operating income declined 3% Y/Y to $252 million.
- The adjusted EBITDA margin contracted 300 bps to 41%.
- EPS of $0.39 beat the consensus of $0.32.
- IGT held $685 million in cash and equivalents and generated $189 million in operating cash flow.
- "The first-quarter results clearly reflect the power of our portfolio," said Vince Sadusky, CEO. "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."
- Dividend: The board declared a quarterly cash dividend of $0.20 per share, payable on June 7, 2022, to shareholders of record on May 24, 2022.
- Outlook: IGT reiterated the FY22 revenue outlook of $4.1 billion - $4.3 billion versus the consensus of $4.17 billion.
- IGT sees Q2 revenue of $1 billion - $1.1 billion versus the consensus of $1.04 billion.
- Price Action: IGT shares traded higher by 9.63% at $19.99 on the last check Tuesday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Why IGT Shares Are Surging Today
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks