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Strong 4Q17 eases 2017 revenue fall for IGT

Friday, 09 March 2018 05:30
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Global gaming manufacturer and supplier International Game Technology (IGT) saw its revenue fall 4% year-on-year in 2017 to US$4.94 billion, but performed strongly in the fourth quarter where revenue rose 2% to US$1.35 billion.

Announcing its results on Thursday, IGT attributed the improved performance towards the back end of the year to the company’s lottery segment as well as “disciplined expense management,” with CEO Marco Sala stating, “We had a strong finish to 2017, amplifying the progress we made throughout the year.

“We delivered outstanding results in our Lottery business and improved our key performance indicators in the gaming business.

“These achievements were enhanced by disciplined expense management. Bringing innovative content and technology to market remains the cornerstone of our strategy. Last year, we executed well along this path and established a solid foundation for growth in 2018 and beyond.”

Adjusted operating income in 4Q17 was US$268 million compared to US$281 million 12 months earlier, while Adjusted EBITDA grew 7% to US$452 million compared to $422 million in 4Q16 on strong international performance, Italy sports betting results and lower operating expenses.

IGT’s international segment enjoyed a 27% year-on-year increase with revenue of US$280 million. Operating income grew 64% to US$72 million.

Italian revenue and North American Lottery revenue both grew 7% to US$481 million and US$304 million respectively, while North American Gaming & Interactive fell 23.6% to US$281 million.

For Full Year 2017, IGT reported Adjusted operating income of US$1.03 billion, down 12% year-on-year, with Adjusted EBITDA down 6% to US$1.68 million.

The company shipped 32,103 gaming machines worldwide in 2017 with the total installed base growing by more than 6% to 62,236 units.

IGT has declared a cash dividend of US$0.20 per share, payable on 5 April 2018.

 

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