IGT Q2 EBITDA up 4 pct, revenue down 1 pct

Thursday 2nd of August 2018

International Game Technology (IGT) reported net income of $161 million in the three months ended June 30, 2018.

Consolidated revenue fell one percent year-on-year to $1.2 billion, which was negatively impacted by $33 million due to ASC 606, but offset by strong lottery performance in North America and Italy.

“The North America Lottery and Italy segments each exceeded our 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.”

Adjusted EBITDA rose 4 percent to $442 million, which the company said reflected strong global lottery performance and improvements in operating expenses.

IGT said it saw a decline in revenue from its North America Gaming & Interactive segment, which was fully attributable to the sale of Double Down and the reclassification of jackpot expenses in reporting.

International revenue also fell slightly in the quarter, caused mainly by a fall in revenue from gaming services and product sales.

Revenue from its Italian business increased 9 percent, with gaming service revenue, lottery service revenue and sports betting wagering up year-on-year.

“The strong start to the year gives us confidence we can achieve our 2018 strategic and financial goals,” said Marco Sala, CEO of IGT.