International Game Technology (IGT) has revealed that it was able to perform in line with financial expectations during the three months through to September 30.
Revenue in the third quarter amounted to $1.2 billion (€1.1 billion), up 30% on the $938 million posted in the corresponding period last year, but down by 10% on a pro forma, constant currency change basis.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was up 21% to $414 million, but down 17% in terms of pro forma and constant currency change.
Adjusted operating income hiked 26% to $258 million, although this represented a year-on-year decline of 19% based on pro forma and constant currency change.
Operating income totalled $130 million in the period, down 29% on a reported basis and declining 50% in terms of pro forma and constant currency change.
Net income per diluted share and adjusted net income per diluted share down to $0.04 and $0.41, respectively, while net debt in the third quarter increased from $2.9 billion to $8.2 billion.
Reflecting on the news, chief executive Marco Sala said IGT was able to hit profit levels in line with expectations in the period and said the firm is “encouraged” moving forward.
“In our global lottery operations, we delivered another resilient set of results and we are encouraged by our new game performance,” Sala said.
“As expected, product sales moderated from the second quarter’s high level.
“We are focused on driving growth through innovation; our recent showcases at the leading gaming and lottery trade shows demonstrated that commitment and the power of combining our compelling content and leading-edge technology to cement our industry leadership.”
Alberto Fornaro, chief financial officer at IGT, added: “Our synergy plans remain on track, free cash flow generation was strong, net debt was reduced, and our financial condition remains solid.
“We planned our first year as a combined company prudently; based on our year-to-date results and current top-line visibility, we are confident in reaching the top half of our 2015 adjusted EBITDA outlook.”
source : www.igamingbusiness.com
