PROVIDENCE – International Game Technology PLC posted a net income of $123 million in the third quarter of 2023, a decline from a profit of $294 million one year prior in part because of expenses involving a multimillion dollar settlement involving a subsidiairy it had once owned.
Earnings per diluted share were 46 cents, a decrease from $1.30 reported a year prior.
Company revenue totaled $1.06 billion, up just $5 million from the third quarter of 2022. The results were dampened by lower revenue in Italy because of the sale of commercial services in that country.
“We are pleased with the financial results we delivered in the third quarter, including top-line growth, margin expansion, and strong cash flow generation,” said Max Chiara, chief financial officer of IGT. “Our financial position is solid with net debt leverage at a historical low point and already comfortably within our long-term target range, which coupled with no meaningful near-term debt maturities and access to significant liquidity, greatly enhances our balance sheet and creates additional financial flexibility.”
IGT is a multinational gambling company with operating offices in Providence. The company operates the Rhode Island Lottery.
- The company’s global lottery segment reported a revenue of $601 million in the quarter, an decrease of 4% year over year because of the sale of commercial services in Italy.
- Global gaming segment revenue totaled $379 million, up 31% year over year.
- Digital and betting segment revenue totaled $54 million, an increase from $43 million one year prior.
Meanwhile, the company reported $1 million in nonoperating expenses for the third quarter, compared with the $139 million in nonoperating income it had recorded in the same period a year ago. IGT said the expenses were related to the 2022 settlement of a lawsuit against DoubleDown Interactive, a company IGT owned from 2012 to 2017.
For the current quarter ending in December, IGT said it expects revenue in the range of $1.1 billion. Analysts surveyed by Zacks had expected revenue of $1 billion.
The company expects full-year revenue of $4.3 billion.
