Adjusted earnings for the fourth quarter before interest, tax, depreciation and amortization (EBITDA) were $419 million, up 8.3% from a year ago.
Despite its high earnings, IGT posted a net loss of $64 million in shareholders in the fourth quarter of 2022. This compares to $19 million in revenue from the same period last year.
The company’s board of directors announced on March 28 that it would pay a quarterly cash dividend of $0.20 per share of common stock. 온라인경마
The company said its quarterly performance was “above offset” by increased non-cash foreign currency losses.
IGT reported a Q4 foreign exchange loss of $95 million, compared to a year-ago quarter foreign exchange loss of $4 million. The company also recorded provisions on income tax of $111 million, compared with $56 million a year ago, “mainly due to higher non-deductible exchange losses and gradual valuation provisions on deferred tax assets.”
The group’s fourth-quarter global gaming revenue was $389 million, up 21.2% from a year ago. This was attributed to “strong double-digit growth across the revenue stream from service and product sales.”
The gaming segment generated $68 million in operating revenue, up 88.9% year-on-year, and “significant operating leverage was partially offset by increased supply chain costs,” the company said. The group’s gaming business has a “record operating profit margin of 18 percent,” it added.
Revenue from the digital and betting sectors was $65 million, up 54.8% from a year ago. IGT posted revenue of $639 million in the lottery segment, down 7.0% year-over-year.
IGT said it sold 9,483 gaming machines worldwide in the last three months of 2022, up 28.7% year-over-year. This included 728 new units and 8,755 replacements.
For all of 2022, IGT reported a net profit of $275 million, compared to $482 million in revenue from the previous year. Revenue for the latest fiscal period was nearly $4.23 billion, up 3.3% year-over-year.
Adjusted EBITDA for 2022 was slightly above $1.66 billion, down 1.3% year-over-year.
“We achieved all our financial goals last year, strengthening our product leadership position across global lottery, global gaming and Play Digital activities,” IGT CEO Vince Sadusky said in a prepared statement.
“Important strategic work done over the past few years has transformed IGT into a company with a higher growth outlook, a better profit profile and a clear path to achieving long-term goals,” he added
IGT reduced its net debt by US$771 million to $5.15 billion as of December 31, 2022.
IGT also said in its submission on Tuesday that it expects to generate revenue in the range of $4.1 billion to $4.3 billion this year, with operating margins ranging from 21% to 23%.
IGT said in January that one of its subsidiaries exercised options to fully repay $60.5 million, 5.35% interest due 2023.
In a separate press release on Tuesday, the IGT said it exercised its right to repay 188 million euros ($200 million) of the 500 million and 3.50% notes due on July 15, 2024. It has also decided to repay $200 million of the US$1.1 billion, 6.50% notes due on February 15, 2025.