Q2-2018 revenue largely flat at IGT

US gambling provider group International Game Technology has posted a set of Q2-2018 numbers with revenue almost flat following the sale of its DoubleDown social casino subsidiary, currency fluctuations and jackpot expenses.

Q2 highlights include:

* Total revenue of $1.2 billion represented a 1 percent year-on-year decrease for the supplier;

* Operating income was up 9 percent at $209 million;

* EBITDA rose 4 percent to $442 million;

* Net debt was up 8 percent at $7,530 million as of June 30, 2018, compared to $7,319 million as of December 31, 2017;

* Adjusted EBITDA outlook confirmed at $1,700 – $1,780 million, despite approximately $26 million of negative currency translation;

* Net income of $161 million includes $173 million of net foreign exchange gain; Adjusted net income was $57 million;

* Adjusted EBITDA of $442 million reflects robust global lottery performance and tight operational management;

* Cash dividend declared of $0.20 per ordinary share;

* Provision for income taxes was $52 million compared to $84 million in the prior-year period.

Marco Sala, CEO singled out the North America Lottery and Italy segments, saying that each had exceeded expectations in the period.

“The North America Gaming installed base grew sequentially, and we have a compelling roster of new, for-sale video reel games coming to market in the second half,” he said.

“With better-than-expected Adjusted EBITDA growth of 10 percent in the first half, we are raising our full-year outlook for the underlying business,” said Alberto Fornaro, CFO of IGT.

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