International Game Technology (IGT) has released its second quarter results (Q2) for 2022, and the report came with some disappointing reading for the supplier.
The fiscal release revealed that IGT had fallen on 2021’s Q2 total revenue by 2%, as it saw 2022 takings of $1.02bn unable to match the previous year’s $1.04bn.
Financially, IGT’s global lottery income took the biggest hit, with its $648m in 2022 showing an 11% loss against the 2021 total of $725m.
However, there are positive signs for IGT. Global gaming performed well vs 2021, showing a 21% annual increase, totalling $330m in 2022.
Despite the report being decidedly flat for IGT, CEO Vince Sadusky was upbeat, stating: "Our business profile is supported by significant recurring revenue streams backed by long-term contracts and resilient end markets, providing a solid foundation on which to grow. We are laser focused on executing our strategic objectives and creating compelling value for our stakeholders."
Meanwhile, CFO Max Chiara commented: "Our first half results set us firmly on the path to achieving our 2022 financial targets. Rigor on costs and incremental revenue opportunities allow us to maintain our full-year operating income margin outlook despite unfavourable currency movements and macroeconomic challenges. At the same time, we are returning significant capital to shareholders via dividends and share repurchases."
Overall, in spite of the bullish attitude of IGT’s board, its Q2 report won’t make for the most comfortable reading.
The company is still ultimately in the billionaire's club in terms of revenue; but a 2% drop falls short of the likes of some of the industry's biggest suppliers: Evolution, for example, saw 34% revenue growth for Q2. In May, meanwhile, Aristocrat reported a 24% increase for the six months leading up to 31 March.
Admittedly, other operators and suppliers (Kindred Group and Kambi, for example) have seen significant falls for Q2. IGT, however, will no doubt be aiming higher in Q3.