I.G.T. Posts Q1-2018 Report

“Strong start to the year,” says Marco Sala, CEO

US online and land gambling supplier International Game Technology (IGT) has posted its Q1-2018 performance metrics, highlighting:

  • Consolidated revenue was $1,207 million, up 5 percent from the prior-year quarter;
  • Net loss of $103 million includes $97 million of net foreign exchange loss;
  • Adjusted net income was $31 million;
  • Adjusted EBITDA up 18 percent at $436 million on strong global casino system sales, continued growth in lottery same-store revenues, and Italy sports betting results;
  • Net debt of $7,525 million ($7,319 million as of December 31, 2017) includes $119 million of net negative foreign currency impact;
  • Interest expense was $110 million compared to $115 million in the prior-year period;
  • North America region simplified and consolidated under the leadership of Renato Ascoli as CEO of North America
  • Cash dividend declared of $0.20 per ordinary share
  • Adjusted operating income was $251 million, a 6 percent y-o-y increase;
  • Provision for income taxes up at $61 million from a $10 million benefit in the prior-year period;
  • Cash from operations was $77 million compared to $294 million in Q1-2017;
  • Cash and cash equivalents were $570 million as of March 31, 2018, compared to $1,057 million as of December 31, 2017;

Management said guidance remains unchanged for the year at an adjusted EBITDA of $1,700-$1,780 million, with $575-$625 million capex planned.

“The positive underlying contribution from each of our operating segments provides a strong start to the year,” said Marco Sala, CEO of IGT, whilst Alberto Fornaro, CFO added:

“We are solidly positioned to achieve our 2018 strategic and financial goals. With revenue growing 5 percent and Adjusted EBITDA up 18 percent, our first quarter results are some of the best we’ve reported.”