Key points:
- Company revenue for the first nine months reached $1.9bn
- The CEO said the results reflect the company’s resilience
IGT has published its financial and business results for the third quarter. The company posted a net operating income of $110m during the quarter.
Overall company revenue reached $587m, down more than $14m when compared to results from the same quarter last year.
Gross profit in Q3 also dipped by close to $12m year-over-year. The company reported a total net profit of $263m.
Adjusted EBITDA reached $264m, while IGT’s adjusted EBITDA margin was 44.9% for the quarter.
IGT CEO Vince Sadusky took a moment to briefly discuss the third quarter and year-to-date results by saying, "Our third quarter and year-to-date performance underscores the strength and resilience of our business model marked by our scale, attractive margin structure and strong cash generation.
"Over the first nine months, we generated $1.9bn in revenue, led by steady Italy growth and improved third quarter trends in the US. We are excited to build upon a solid foundation as we transform into a leaner, more focused global lottery pure play and capitalize on attractive industry dynamics."
Along with its financial quarterly report, the company highlighted its business updates for the quarter. In Q3, IGT’s subsidiary, IGT Global Solutions, extended its agreement with the North Carolina Education Lottery (NCEL).
Good to know: IGT and NCEL's collaboration started in 2006
The two signed a 10-year contract extension that will begin July 1, 2027 and will run through June 2037.
Under the terms of the deal, IGT will provide upgraded Wizard back-office applications, as well as deploy its Aurora central system.
IGT provides its technology to 26 US lotteries and 16 global lotteries.
