{"id":281,"date":"2024-06-28T18:11:33","date_gmt":"2024-06-28T15:11:33","guid":{"rendered":"https:\/\/duckyluckcasinonodepositbonus.icu\/2024\/06\/28\/igt-reports-strong-second-quarter-earnings-raises-2023-revenue-projections\/"},"modified":"2024-06-28T18:11:33","modified_gmt":"2024-06-28T15:11:33","slug":"igt-reports-strong-second-quarter-earnings-raises-2023-revenue-projections","status":"publish","type":"post","link":"https:\/\/duckyluckcasinonodepositbonus.icu\/2024\/06\/28\/igt-reports-strong-second-quarter-earnings-raises-2023-revenue-projections\/","title":{"rendered":"IGT Reports Strong Second-Quarter Earnings, Raises 2023 Revenue Projections"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/pPYntT13Q_g\"\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 revealed its financial performance for the second quarter, reporting a total income of $1.05 billion (\u00a3825.3 million\/\u20ac961.1 million). This positive outcome has prompted the company to revise its financial projections for the entirety of 2023, indicating an optimistic outlook.<\/p>\n<p>The company&#8217;s revenue for the second quarter showed a modest increase of 3.3% compared to the same period last year. This growth aligns closely with the $1.06 billion reported in the first quarter.<\/p>\n<p>IGT&#8217;s Global Lottery division generated the largest share of revenue, contributing $624 million. While this figure represents a slight decline from the $648 million achieved in the second quarter of the previous year, the Global Gaming segment experienced a notable 13.0% surge in revenue, reaching $373 million.<\/p>\n<p>The remaining portion of the quarter&#8217;s revenue, amounting to $59 million, was attributed to PlayDigital.<\/p>\n<p>IGT&#8217;s chief executive, Vince Sadusky, attributed the positive revenue growth to strategic initiatives implemented during the first half of the year, ending on June 30.<\/p>\n<p>&#8220;Our performance in the second quarter and the first six months of the year demonstrates robust revenue and profit growth across all of our business units,&#8221; Sadusky stated. &#8220;By successfully executing key strategic plans and meeting the increasing demand for IGT&#8217;s engaging content and solutions, we are exceeding our initial expectations.&#8221;<\/p>\n<p>The company emphasized its collaboration with the Connecticut Lottery as a key strategic initiative that has contributed to its success. <\/p>\n<p>The firm also disclosed the validation of a two-decade agreement to run immediate and passive lottery games in Minas Gerais, Brazil, which was revealed in June.<\/p>\n<p>Before the conclusion of the quarter, IGT expanded its long-term collaboration with the Belgian National Lottery. In April, the firm extended its gaming partnership with the Rhode Island Lottery.<\/p>\n<p>Sadusky stated that IGT is &#8220;making steady progress&#8221; toward its 2025 objectives. Meanwhile, IGT&#8217;s Chief Financial Officer, Max Chiara, declared that the operator is increasing its full-year 2023 revenue projections.<\/p>\n<p>&#8220;We have a strong foundation to continue investing in our growth targets, 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 profit expectations.&#8221;<\/p>\n<p>&#8220;Strategic Options for Global Lottery and PlayDigital&#8221;<br \/>\nOn June 8, IGT announced it was considering &#8220;strategic options&#8221; for its Global Lottery and PlayDigital divisions. This could lead to the sale, merger, or separation of these divisions.<\/p>\n<p>At the time, IGT emphasized that there was no schedule for the decision.<\/p>\n<p>The firm also mentioned that the process could conclude with IGT retaining Global Lottery and PlayDigital and continuing to invest in those divisions.<\/p>\n<p>Second-Quarter Revenue Breakdown<br \/>\nBroken down further by segment, Global Lottery revenue was primarily driven by service revenue, totaling $588 million. <\/p>\n<p>Income was generated through management contracts, the gradual reduction of licensing fees, and additional services. The remaining $35 million was derived from product sales.<\/p>\n<p>Worldwide gaming operations revenue (including hardware and software) reached $188 million. Product sales revenue amounted to $185 million.<\/p>\n<p>Sales of gaming machines also experienced growth, reaching a total of 8,269 units. This signifies a 14.9% increase compared to the same period in the previous year, with the majority (6,324 units) sold in the United States and Canada.<\/p>\n<p>Geographically, revenue from the United States and Canada reached $650 million, representing an 11.1% year-on-year increase. Revenue from Italy amounted to $240 million, exhibiting a 16.6% decrease. This decline is likely a consequence of the ongoing impact of the sale of IGT&#8217;s adjacent payment business in September 2022.<\/p>\n<p>Revenue from other regions totaled $164 million, reflecting a 10.8% increase.<\/p>\n<p>IGT&#8217;s Second Quarter Earnings<\/p>\n<p>Among operating expenses, the most significant cost stemmed from services, totaling $402 million. Research and development expenditures amounted to $211 million. The cost of goods sold for products was $131 million, while expenses incurred for R&#038;D were $60 million.<\/p>\n<p>Total operating expenses for the quarter reached $805 million, marking a 1.5% increase. This resulted in an operating profit of $251 million, representing a 10.0% year-on-year increase.<\/p>\n<p>Non-operating expenses amounted to $75 million. After paying $86 million in income taxes, net income for the quarter was $90 million, nearly triple the $34 million net income recorded 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) reached $443 million in the current quarter, a 5.8% increase from the same period last year.<\/p>\n<p>IGT now projects full-year income to be between $4.2 billion and $4.3 billion, exceeding its earlier prediction of $4.1 billion to $4.2 billion for fiscal year 2023, which was presented in its fiscal year 2022 earnings report.<\/p>\n<p>First Half Breakdown<\/p>\n<p>Total income in the first six months was $2.11 billion, a 2.1% increase from the same period last year.<\/p>\n<p>Total operating expenditures in the first six months were $1.61 billion, a 1.1% increase from the same period last year. As is typical, the services division saw the highest spending at $800 million. Sales, general, and administrative expenses totaled $428 million, while the cost of goods sold was $258 million.<\/p>\n<p>Research and development costs accounted for the remaining $122 million.<\/p>\n<p>Operating costs resulted in an operating profit of $506 million.<\/p>\n<p>After non-operating costs of $176 million and income taxes of $173 million, net profit for the first six months totaled $157 million, a 4.0% increase from the same period last year.<\/p>\n<p>Sign up for the iGaming Newsletter <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global gaming giant International Game Technology (IGT) has revealed its financial performance for the second quarter, reporting a total income of $1.05 billion (\u00a3825.3 million\/\u20ac961.1 million). This positive outcome has prompted the company to revise its financial projections for the entirety of 2023, indicating an optimistic outlook. The company&#8217;s revenue for the second quarter showed [&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 Reports Strong Q2 Earnings, Raises 2023 Outlook<\/title>\n<meta name=\"description\" content=\"International Game Technology (IGT) announces impressive Q2 results, exceeding expectations and leading to a revised, optimistic outlook for 2023.\" 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:\/\/duckyluckcasinonodepositbonus.icu\/2024\/06\/28\/igt-reports-strong-second-quarter-earnings-raises-2023-revenue-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 Earnings, Raises 2023 Revenue Projections\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"International Game Technology (IGT) announces impressive Q2 results, exceeding expectations and leading to a revised, optimistic outlook for 2023.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/duckyluckcasinonodepositbonus.icu\/2024\/06\/28\/igt-reports-strong-second-quarter-earnings-raises-2023-revenue-projections\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Stay Ahead of the Curve with Our Licensed Casino Gaming Updates\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T15:11:33+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:\/\/duckyluckcasinonodepositbonus.icu\/2024\/06\/28\/igt-reports-strong-second-quarter-earnings-raises-2023-revenue-projections\/\",\"url\":\"https:\/\/duckyluckcasinonodepositbonus.icu\/2024\/06\/28\/igt-reports-strong-second-quarter-earnings-raises-2023-revenue-projections\/\",\"name\":\"IGT Reports Strong Q2 Earnings, Raises 2023 Outlook\",\"isPartOf\":{\"@id\":\"https:\/\/duckyluckcasinonodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-28T15:11:33+00:00\",\"dateModified\":\"2024-06-28T15:11:33+00:00\",\"author\":{\"@id\":\"https:\/\/duckyluckcasinonodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"International Game Technology (IGT) announces impressive Q2 results, exceeding expectations and leading to a revised, optimistic outlook for 2023.\",\"breadcrumb\":{\"@id\":\"https:\/\/duckyluckcasinonodepositbonus.icu\/2024\/06\/28\/igt-reports-strong-second-quarter-earnings-raises-2023-revenue-projections\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/duckyluckcasinonodepositbonus.icu\/2024\/06\/28\/igt-reports-strong-second-quarter-earnings-raises-2023-revenue-projections\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/duckyluckcasinonodepositbonus.icu\/2024\/06\/28\/igt-reports-strong-second-quarter-earnings-raises-2023-revenue-projections\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/duckyluckcasinonodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IGT Reports Strong Second-Quarter Earnings, Raises 2023 Revenue Projections\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/duckyluckcasinonodepositbonus.icu\/#website\",\"url\":\"https:\/\/duckyluckcasinonodepositbonus.icu\/\",\"name\":\"Stay Ahead of the Curve with Our Licensed Casino Gaming Updates\",\"description\":\"Stay on top of the online gambling world with our fresh casino news, in-depth reviews, and expert articles. 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