No IGT revenue growth for 2018; Q4 EBITDA falls

By Tim Poole

IGT revenue for 2018 fell 2% to $4.83bn, while the supplier also reported a $21m loss for the full year.

Though revenue remained stable at constant currency, IGT’s results have been characterised by a lack of growth, with adjusted operating income producing a further 4% fall (3% at constant currency) to $990m.

CEO Marco Sala said results were in line with the "improved outlook" provided in October, suggesting the year was characterised by "strong global lottery performance, resilience in Italy and progress in North America."

Elsewhere, adjusted EBITDA increased 4% (2% at constant currency) to $1.73bn.

During Q4, revenue was down 4% year-on-year at constant currency, to $1.26bn, and adjusted EBITDA dropped 6% at constant currency to $416m.

IGT posted a net loss of $102m during Q4, which the supplier says reflects "non-cash impairment charges." Meanwhile, adjusted operating income was down 17% at constant currency, to $218 million.

Reasons given for IGT’s Q4 performance included sports betting dynamics in the prior year, which involved "exceptionally low payout percentage in Italy."

For 2019, IGT is aiming for full-year adjusted EBITDA of between $1.7bn and $1.76bn, with planned capital expenditure of $450m to $550m.

Other notable 2018 events saw IGT launch sports betting operations in the US, while its North America lottery revenue for the year was up 2% to $309m.

IGT CEO Sala added: "We've established solid foundations to build on – securing large, long-term lottery contracts in key markets and executing a full refresh of our gaming machine cabinet and content portfolio."

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