US – IGT lessens year-on-year loss in 2018By Phil - 8 March 2019
International Game Technology has reported a full-year loss of US$21.4m for 2018 with the net loss including US$120m of non-cash impairment charges.
The loss was actually better than the US$1.07bn recorded in 2018 but revenue fell by two per cent. The company highlighted ‘underlying improvements in North America for both gaming and lottery,’ ‘broad-based strength in Italy’ but ‘lower International revenue.’
Revenue at IGT declined by two per cent throughout the year with the company reporting US$4.94bn in sales and service revenue in 2017, which fell to US$4.83bn last year.
“Our 2018 results are in line with the improved outlook we provided in October. The year was characterized by strong global Lottery performance, resilience in Italy, and progress in North America Gaming,” said Marco Sala, CEO of IGT. “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. These efforts will translate into improved free cash flow beginning in 2019.”
“We achieved four per cent Adjusted EBITDA growth on stable revenue at constant currency and scope in 2018,” said Alberto Fornaro, CFO of IGT. “We managed our net debt effectively, while making large upfront payments for a key Lottery license in Italy, investing in long-term North America Lottery contracts, and returning capital to shareholders through dividends. Our outlook for 2019 Adjusted EBITDA of $1.70-$1.76bn assumes underlying growth for our core Lottery and Gaming businesses.”
Caption: Marco Sala