IGT Achieves Its Financial Targets for Q4 Ahead of Everi Merger
LISTEN TO THIS ARTICLE:International Game Technology (IGT) has announced strong results for the fourth quarter and full-year results in 2023. Group revenues stood at $4.3 billion for the full year in 2023, a rise of 2% in a year-on-year comparison.
IGT achieved record Adjusted EBITDA figures of $1.8 billion in 2023, up from $1.7 billion, an increase of 7% from the previous year. Additionally, Operating income surpassed $1 billion in a year for the first time in 2023 and was up 9% from $922 million in 2022.
Senior management at IGT gave an update on the outlook for the business in 2024. The statement forecast that IGT should achieve revenue of between $4.3 and $4.4 billion, with an operating income margin of around 20%.
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.
Global Gaming and PlayDigital to Be Spun Off
Senior leadership stated they had completed the strategic review of the decision to split up part of the company. This means the Global Gaming and PlayDigital parts of the business will be merged with Everi Holdings, Inc. The combined company will create a global gaming and fintech business, and it is estimated that IGT will own a 54% stake in the new entity.
We delivered a strong finish to the year in the fourth quarter, propelling full-year 2023 profits to record levels, 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.
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