“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.”