Today, the leading gaming company International Game Technology (IGT) reported its financial results for the three-month and nine-month periods which ended on September 30th. In addition, IGT confirmed its outlook for its annual performance.
The Chief Executive Officer of IGT Marco Sala commented on the company’s performance. Mr. Sala explained the excellent results of IGT, and more specifically the strong revenue and profit growth over the above-mentioned periods, were driven by the fantastic lottery division’s performance on a global scale, the larger global installed base as well as by the fact that the sales of gaming machines also rose. IGT’s boss also described the technology solutions of the company and the player experiences as the key points in the company’s strategy for further growth.
According the results announced by IGT in its financial report, the company’s revenue increased by 5% from $1,202 million in the same quarter a year ago to $1,266 million in the three months ended on September 30th. There was also an increase in the company’s operating income, which rose by 26% from $130 million a year earlier, to $164 million. IGT also managed to reduce its net debt by 3% to $7,937 million. In comparison, in the prior-year period the net debt of the company amounted to $8,196 million.
A stable growth was also marked in the company’s adjusted earnings before interest, taxes, depreciation and amortisation as well as in its operating income in the period. IGT reported a 4% growth in its adjusted EBITDA from $414 million to $430 million. On the other hand, its adjusted operating income rose by 9% from $261 million in 2015 to $286 million in the latest financial quarter.
International Game Technology provided some details about its divisions’ performance over the period, too. According to the data included in its financial report, the company’s Gaming and Interactive operations in North America posted a revenue amounting to $317 million. This is a small drop compared to the figures posted by the division over the third quarter of 2015, which amounted to $341 million.
On the other hand, there was a massive 22% increase in the revenue posted by the North America Lottery unit. The division accounted for a revenue estimated to $307 million. There was also a mild increase in the revenue generated by the International operations of IGT. The company reported a revenue amounting to $210 million in the third quarter of 2015, while the most recent result of the unit amounts to $215 million.
The Italy division of IGT also generated a revenue increase amounting to 7%. As announced in the company’s financial report, the revenue of the unit over the third fiscal quarter amounted to $426 million.
IGT also posted an outlook for its financial performance in the fiscal year, confirming it expects adjusted EBITDA in the range from $1,740 to $1,790 million for the full 2016 year. The company said it expected capital expenditures to amount to no more more than $550 million, in comparison to a previous outlook for the capital spending in the range from $550 to $580 million. It also confirmed its guidance of the net debt that is expected to amount to between $7,700 and $7,900.
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Olivia Cole
