International Game Technology PLC (IGT) has reported its Q1 financial results for the period ended March 31, 2018. They show a net loss of $103m which includes $97m of net foreign exchange loss. Adjusted net income was reported as $31m, while adjusted EBITDA stood at $436m on strong global casino system sales, continued growth in lottery same-store revenues, and Italy sports betting results. Net debt of $7,525m includes $119m of net negative foreign currency impact.
In its statement, IGT added that its North America business has been simplified and consolidated under the leadership of Renato Ascoli as CEO of the region.
Summarising the performance, CEO Marco Sala commented: “Compelling content and technology solutions are driving our results. Lottery same-store revenue growth was among the highest levels in the last several quarters, even in our largest markets. A sharp increase in systems sales, double-digit growth in global gaming machine replacement unit shipments, and sequential improvement in the North America installed base confirm the good momentum of our global gaming business. The positive underlying contribution from each of our operating segments provides a strong start to the year.”
Alberto Fornaro, CFO, added: “We are solidly positioned to achieve our 2018 strategic and financial goals. With revenue growing five per cent and Adjusted EBITDA up 18 per cent, our first quarter results are some of the best we’ve reported.”
Headline figures
- Consolidated revenue was $1,207m, up five per cent from the prior-year quarter
- Adjusted EBITDA rose 18 per cent to $436m, up 14 per cent at constant currency and scope
- Higher underlying revenue and profit across all business segments
- Adjusted operating income was $251 million, a 6% increase from the prior-year period
Meanwhile IGT, which runs Rhode Island’s electronic lottery systems, has emerged as the sole bidder for a contract to run the state’s sports betting operation. The Lottery had issued a request for proposals on the sports betting contract in April. Initially 18 firms expressed interest as part of a pre-bid conference on the contract. But IGT became the sole bidder as Friday’s deadline for bids passed.
