IGT's Q4 revenue hits $1.1bn

March 12, 2024
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The company reported record highs in adjusted EBITDA and operating income for the year.

IGT has published its fourth quarter and full-year 2023 financial results. Company revenue reached $1.1bn during the fourth quarter.

IGT’s operating income grew by 11% year-over-year to $256m.

For 2023, company revenue increased year-over-year by 2%. Revenue in 2023 reached $4.3bn. IGT said the revenue boost was driven by global lottery same-store sales.

Operating income reached $1bn during the year, reflecting a 9% increase when compared to its operating income from the previous year.

Adjusted EBITDA for the year reached its highest on record and grew to $1.8bn. IGT’s adjusted EBITDA margin was 41.3% for the year.

Company CEO Vince Sadusky said that IGT ended the year with “a strong finish.”

He commented further by saying, "A compelling array of products and solutions fueled broad-based momentum in key performance indicators, driving margin improvement across our Global Lottery, Global Gaming, and PlayDigital segments.

“We believe the recent determination to split the business and create separate lottery and gaming pure play companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders."

IGT CFO Max Chiara took a moment to comment on the year’s results and said the company is in a position to continue growing throughout 2024.

He said, "We achieved all of our financial goals in 2023. Robust cash generation funded incremental investments in the business and shareholder returns, while driving leverage to historically low levels, putting IGT in a strong financial position as we enter 2024.

“This gives us confidence in further expanding our investment in the business to fund future growth."

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