IGT generated revenue of $1.06bn， consistent with the prior-year and the previous quarters; showing no growth in revenue for the past few financial periods.
Of that revenue， global lottery made up $601m， down 4% year-over-year; global gaming brought in $409m， up 8%; and PlayDigital made up the remaining $55m of revenue， representing a minor 1% increase.
IGT explained why there was a dip in PlayDigital by stating: “Growth in iCasino was offset by the impact of exiting certain legacy iSoftBet jurisdictions and unusually high sports betting hold levels in the prior year.”
Total operating income increased 13% to $239m. When broken down， global lottery brought in $206m， down 2% year-on-year; global gaming increased 42% to $93m; and PlayDigital increased 32% to $16m.
Adjusted EBITDA rose 8%， from the same period in 2022， to $433m.
The graph shows how IGT's EBITDA has fluctuated across the quarters; falling slightly in Q3 2023 from Q2 2023.
Earnings per share dropped by 65% from $1.30 to $0.46; meanwhile， adjusted earnings per share increased 21% to $0.52. The company stated in its report that the drop in earnings per share reflected non-operating income related to ‘the gain on sale of Italy commercial services and non-operating expenses related to the DDI/Benson matter the previous year.’
Net debt at the end of the period inclined 3% year-on-year to $5.3m from $5.1m. Meanwhile， net income dropped to $123m from $294m in the prior-year period.
Within this period， IGT secured a seven-year extension on its lottery contract with the California Lottery through to October 2033. Additionally， IGT also secured 10-year contract extensions as retail and iLottery systems partner to the Kentucky Lottery Corporation through July 2036.
In its fourth quarterly report， IGT expects to hit a revenue mark of $1.1bn with an increase in revenue within its global lottery，Table games PlayDigital and global gaming sides of the business.
Vince Sadusky， CEO of IGT， commented: "The strength of our leadership positions across Global Lottery， Global Gaming， and PlayDigital is evident in our third quarter and year-to-date results. Excellent momentum in key performance indicators is driving revenue growth and even stronger profit expansion.
“With a compelling pipeline of innovative products and solutions showcased at recent trade shows， I am confident we can achieve our near and medium-term goals as we focus on unlocking the intrinsic value of IGT's market-leading assets."
Max Chiara， CFO of IGT， stated: "We are pleased with the financial results we delivered in the third quarter， including top-line growth， margin expansion， and strong cash flow generation.
“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."