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IGT Q4 tops estimates


International Game Technology posted better-than-expected Q4 results, helped by a strong performance in its lottery business.

Consolidate revenue was up 3 percent to $1.34 billion on a constant currency basis, while

adjusted EBITDA was $452 million compared to $422 million in the fourth quarter of 2016, on strong International performance, Italy sports betting results, and lower operating expenses.

Net income attributable to IGT was $80 million in the fourth quarter of 2017. On an adjusted basis, net income attributable to IGT was $4 million. The company reported 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.

The company expects to achieve adjusted EBITDA of $1.70 to $1.78 billion in 2018.

"We had a strong finish to 2017, amplifying the progress we made throughout the year," said Marco Sala, CEO of IGT. "We delivered outstanding results in our Lottery business and improved our key performance indicators in the gaming business.”

Deutsche Bank said the EBITDA compared favorably with the consensus estimate for $440 million and the guidance was also stronger than expected.

“Upside was driven by stronger revenue across all four business lines  and favorable FX, though margins of 33.6 percent came in below our 35.4 percent estimate,” it said in a note.

 

 

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