Gaming

International Game Technology PLC Reports Third Quarter 2019 Results

Thursday 14 de November 2019 / 14:55

⏱ 2 min read

(London).- International Game Technology PLC ("IGT") (NYSE:IGT) today reported financial results for the third quarter ended September 30, 2019. Today, at 8:00 a.m. EST, management will host a conference call and webcast to present the results; access details are provided below.

International Game Technology PLC Reports Third Quarter 2019 Results

- Revenue of $1.15 billion, up 3% at constant currency on significant growth in global gaming product sales- Operating income of $154 million; Adjusted EBITDA of $407 million- Strong year-to-date operating cash flow of $789 million and free cash flow of $456 million- Cash dividend declared of $0.20 per ordinary share

Our core businesses achieved significant momentum in the third quarter and year-to-date periods," said Marco Sala, CEO of IGT. "Key performance indicators were solid in the quarter – gaming machine unit shipments increased 44%, while same-store revenue for draw games and instants rose 4%. Our leading positions are rooted in our focus on player-driven performance, which was on display at recent lottery and gaming trade shows and should sustain our momentum going forward."

"IGT has generated free cash flow in excess of $450 million in the first nine months," said Alberto Fornaro, CFO of IGT. "This confirms the inflection we expected to achieve this year. We are well positioned to achieve our 2019 strategic and financial goals."

Overview of Consolidated Third Quarter 2019 Results

Consolidated revenue of $1.15 billion, up 3% at constant currency

Sharp growth in global gaming product sales

Overcame significant Finland multi-year software sale in prior-year quarter and impact of higher machine gaming taxes in Italy

At constant currency, operating income down 19% to $154 million; adjusted operating income down 11% to $221 million

Non-cash write-down of pre-paid social gaming-related license

Adjusted EBITDA declined 5% at constant currency to $407 million

Differential profit flow-through on revenue mix, primarily due to high-margin Finland software transaction in prior year

Higher R&D and SG&A expenses, primarily due to timing

Interest expense, net was $103 million, down 1% from the prior-year quarter

Income taxes of $45 million; adjusted taxes of $51 million, down from $60 million on lower pre-tax income

Net income attributable to IGT was $104 million; adjusted net income attributable to IGT was $43 million, down from $64 million in the prior year

Net income per diluted share of $0.51; adjusted net income per diluted share of $0.21 versus $0.31 in the prior year

Net debt of $7.35 billion, down 5% from $7.76 billion at December 31, 2018

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Categoría:Gaming

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País: United Kingdom

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