IGT posts Q1 profit, revenue declines

International Game Technology said Q1 revenue declined as higher machine sales and stable  lottery failed to offset the impact of higher taxes in Italy and lower machine system sales.

Revenue fell 5 percent to $1.14 billion, while adjusted EBITDA was down 4 percent to $417 million. Net income was $40 million, compared with a loss of $103 million the prior year.

"Our first quarter results confirm the consistent growth profile of our global lottery business and the progress we've made in sales of gaming machines, where global unit shipments increased 20 percent," said CEO Marco Sala. "The results of our Italy operations are also noteworthy, with further growth in lottery and resilient machine gaming performance.”

As we look to the future, our focus remains on improving revenue and profits from gaming activities, innovating with new lottery games and technologies, and pursuing emerging growth opportunities."

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