Lottery performance boosts IGT fourth quarter result

International Game Technology posted fourth quarter results Thursday, boosted by a strong lottery performance.

Highlights flagged by the company included:

* Group revenue up 3 percent y-o-y at $1.34 billion;

* Adjusted EBITDA up at $452 million (Q4-2016: $422 million);

* Net income attributable to IGT was $80 million, on an adjusted basis $4 million;

* Adjusted group operating income was $268 million compared to $281 million in the prior-year period;

* Profit came in at $3.79 million, or $0.02 per share – down from $179.17 million, or $0.88 per share, in last year’s fourth quarter;

* Net income per diluted share of $0.39 and earned $0.02 per diluted share on an adjusted basis, which includes $0.66 of non-cash, net negative tax impacts;

* Benefit from income taxes rose to $83 million (Q4-2016: $5 million). Tax dynamics in the fourth quarter of 2017 primarily reflect the non-cash impacts of recent U.S. tax reform;

* Interest expenses were slightly down at $114 million (Q4-2016: $116 million);

* Management expects an adjusted EBITDA of $1.70 to $1.78 billion in 2018.

* Operating income for North America Gaming and Interactive was $69 million compared to $102 million in the fourth quarter of 2016. The decline is attributable to the sale of DoubleDown, lower revenue, and the timing of jackpot expenses, partially offset by lower operating costs.

CEO Marco Sala said a strong finish to the year had been achieved, including outstanding results in the Lottery business and improved key performance indicators in the gaming business.

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