IGT posts Q1-2018 report

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.”

Related and similar