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NEWS 9 March 2018

IGT hits Q4 2017 targets

By Caroline Watson

In an update to investors, IGT has posted its financial results for the fourth quarter of 2017, posting modest results, with consolidated revenue increasing 3% year-on-year, from $1,321m in 2016 to $1,3746m.

Adjusted operating income was up to $268m compared to the $281m generated in the prior year period. Adjusted EBITDA was $452m compared to $422m in the fourth quarter of 2016, primarily attributed by the company to strong International performance, Italy sports betting results, and lower operating expenses.

A strong second-half performance led by the international segment in the fourth quarter enabled the supplier to hit its financial objective for the year, despite the gains being fairly modest.

However, full-year results for 2017, showed a decrease in total revenue, falling from $5,154m in 2016 to $4,939m.

IGT CEO, Marco Sala, commented: "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.”

North America Lottery revenue of $304 million was up 7% from the prior-year period, on strong wager growth and product sales.

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

Alberto Fornaro, CFO of IGT, added: "We met all of our financial objectives for the year, including the top end of our EBITDA expectations. Net debt was slightly better than our outlook, despite the early Scratch & Win renewal in the fourth quarter. The results for the fourth quarter and full year highlight the diversity and resilience of the IGT franchise."  

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