IGT Reports Strong Q2 Earnings for FY2023
August 6, 2023
☀️Earnings Overview
On June 30, 2023, INTERNATIONAL GAME TECHNOLOGY ($NYSE:IGT) announced that their earnings results for the second quarter of FY2023 showed total revenue of USD 1055.0 million, a 3.3% increase from the same quarter of the previous year. Net income for the quarter was USD 46.0 million, compared to a net loss of -4.0 million from the year prior.
Stock Price
On Tuesday, INTERNATIONAL GAME TECHNOLOGY (IGT) reported strong second quarter earnings for fiscal year 2023, with their stock opening at $32.1 and closing at $33.1, down by 2.2% from prior closing price of 33.8. This was a positive sign for the company, as their quarterly revenue and profit both rose. Overall, IGT’s fiscal year 2023 second quarter performance was strong, as evidenced by its increased revenue and profit, as well as its strong financial metrics like operating margin and return on assets. Despite the slight dip in their stock price, investors have reason to be optimistic about IGT’s future prospects. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for IGT. More…
| Total Revenues | Net Income | Net Margin |
| 4.27k | 269 | 3.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for IGT. More…
| Operations | Investing | Financing |
| 859 | 117 | -1.23k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for IGT. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 10.51k | 8.61k | 7.13 |
Key Ratios Snapshot
Some of the financial key ratios for IGT are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 2.3% | 21.9% | 23.6% |
| FCF Margin | ROE | ROA |
| 11.8% | 44.1% | 6.0% |
Analysis
At GoodWhale, we make it easy to analyze INTERNATIONAL GAME TECHNOLOGY’s financials. Our Risk Rating algorithm gives an overall judgement of medium risk for INTERNATIONAL GAME TECHNOLOGY in terms of financial and business aspects. On top of that, we have also detected 2 potential risk warnings in their income sheet and balance sheet. If you’re interested in learning more, become a registered user and get access to all our detailed reports about INTERNATIONAL GAME TECHNOLOGY. More…
Peers
The competition between International Game Technology PLC and its competitors is fierce. Each company is fighting for market share and trying to gain an edge over the other. The competition is beneficial for consumers as it drives down prices and forces companies to innovate and create new and better products.
– Inspired Entertainment Inc ($NASDAQ:INSE)
Inspired Entertainment Inc is a global gaming technology company that provides virtual sports, mobile gaming and iLottery products to regulated lotteries, bookmakers and casinos. The company has a market cap of 246.77M as of 2022 and a Return on Equity of -56.33%. Inspired Entertainment Inc’s products are available in over 35,000 retail venues and over 100 online and mobile operators around the world. The company’s virtual sports games are based on official league data and are played using the same rules, scoring and odds as the corresponding real-world sporting event.
– Webis Holdings PLC ($LSE:WEB)
Webis Holdings PLC is a publicly traded company with a market capitalization of 6.49 million as of 2022. The company has a return on equity of 9.47%. Webis Holdings PLC is engaged in the business of providing online gaming and betting services. The company was founded in 2002 and is headquartered in the United Kingdom.
– Greek Organisation of Football Prognostics SA ($OTCPK:GRKZF)
As of 2022, the market cap for the Greek Organisation of Football Prognostics SA is 4.37B. The company’s ROE is 40.93%. The company is involved in the business of forecasting football matches.
Summary
International Game Technology (IGT) recently reported its financial results for the second quarter of FY2023. Total revenue for the quarter was USD 1055.0 million, a 3.3% increase year-over-year, while net income was USD 46.0 million, a turnaround from their -4.0 million net loss in the same quarter of the previous year. This is a positive sign for investors looking to invest in IGT, as it indicates that the company is in a strong financial position and is able to generate strong returns. With continued growth in the gaming industry and IGT’s expertise and extensive range of products, investors can be confident that IGT will continue to generate strong returns and remain an attractive investment option.
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