IGT Reaffirms FY23 Outlook Post Solid Q1 Beat

International Game Technology IGT reported first-quarter FY23 revenue growth of 1% year-on-year to $1.06 billion, beating the consensus of $1.03 billion.
The gaming technology firm registered an adjusted EPS of $0.49, beating the consensus of $0.38.
New games and portfolio optimization strategies bolstered Street-beating results in Q1.
Revenue from Global Lottery declined by 8% Y/Y to $624 million, Global Gaming rose 17% Y/Y to $381 million, and PlayDigital increased 17% Y/Y to $55 million.
Operating income margin expanded by 10 bps to 24.1% as operating income grew by 1% Y/Y.
IGT held $669 million in cash and equivalents as of March-end.
"We are focused on enhancing our financial flexibility, being operationally agile, and remaining disciplined with costs, all of which should enable the achievement of our 2025 margin and cash flow targets even in the current uncertain macroeconomic context," said Max Chiara, CFO of IGT.
Dividend: The board declared a quarterly cash dividend of $0.20 per share. It will be paid on June 8, 2023.
Outlook: IGT expects Q2 revenue of $1.00 billion (consensus $1.02 billion) and reiterated FY23 revenue guidance of $4.10 billion - $4.30 billion (consensus $4.19 billion).
Price Action: IGT shares are trading lower by 0.99% at $27.13 on the last check Tuesday.

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