Investing.com | Editor Hari G
Published Nov 01, 2023 08:00
International Game Technology (NYSE:IGT) reported robust results for Q3 2023 during its earnings call, demonstrating an 8% increase in year-to-date revenue. The company's growth was primarily driven by its Global Lottery, Global Gaming, and PlayDigital segments. IGT also confirmed that it is on track to achieve its full-year 2023 financial goals and is currently evaluating strategic alternatives for its Global Gaming and PlayDigital segments.
Key takeaways from the call include:
During the call, IGT's CEO highlighted the company's strong position in several game categories and reported strong sales of new video poker cabinets. The company also discussed lottery volatility and the outlook for slot sales, noting challenges in certain regions but overall positive performance.
The company's CFO, Massimiliano Chiara, mentioned that the easing supply chain is resulting in lower costs, a benefit they expect to continue into 2024 and contribute to margin progression. The company also highlighted its good momentum and focus on growth, renovation, and optimization to achieve their full-year commitments and 2025 targets.
h2 InvestingPro Insights/h2In light of the recent earnings call, InvestingPro provides some valuable data and tips for investors considering IGT. The company's market cap stands at a respectable 5100M USD, with a P/E ratio of 53.52, indicating high investor expectations. The revenue for the last 12 months as of Q3 2023 is 4273M USD, aligning with IGT's reported robust results and growth.
From an InvestingPro Tips perspective, two key insights stand out. Firstly, IGT has high earnings quality, with free cash flow exceeding net income, which can be indicative of a healthy financial situation. Secondly, the Relative Strength Index (RSI) suggests the stock is in oversold territory, meaning it could be an opportune time to invest.
It's important to note that there are additional InvestingPro Tips available, providing a more comprehensive view of IGT's financial health and market position. For instance, the fact that IGT has maintained dividend payments for 9 consecutive years could be of interest to income-focused investors.
In conclusion, the InvestingPro data and tips suggest that IGT is a company worth considering for investment, particularly given its strong Q3 2023 performance and positive outlook for the future.
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Written By: Investing.com
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