IGT Reports Third Quarter 2020 Results
⏱ 2 min read
(London).- International Game Technology PLC ("IGT") (NYSE: IGT) today reported financial results for the third quarter ended September 30, 2020. Tomorrow, at 8:00 a.m. EST, management will host a conference call and webcast to present the results; access details are provided below.
- Consolidated revenue of $982 million driven by the strongest lottery same-store sales growth in seven quarters; sharp improvement from the second quarter across all major revenue sources
- Delivered $285 million in cash from operating activities and $220 million in free cash flow during the third quarter; reduced net debt by $46 million as reported and $228 million at constant currency during the third quarter
- Net loss of $128 million includes $149 million in foreign exchange losses, primarily non-cash; Adjusted net income was $54 million
- Solid lottery profit flow-through and benefit of cost-saving actions led to $354 million in Adjusted EBITDA
"The resilience of our portfolio, particularly in lottery, and benefits from our swift cost reduction initiatives are on full display in our third quarter results," said Marco Sala, CEO of IGT. "Strong player demand and a host of compelling new games, systems, and digital solutions led to a sharp, sequential improvement in our most important markets. We continue to monitor the evolution and impact of the pandemic around the world. With a simplified organization firmly in place, we are creating a leaner, stronger IGT."
"Robust cash flow generation during the quarter and year-to-date periods have enabled us to improve our liquidity and reduce net debt," said Max Chiara, CFO of IGT. "We are on track to achieve our 2020 temporary cost-reduction targets and have identified a number of initiatives that will enable us to deliver over $200 million of structural savings over the next two years. As a result, the improvement in our profitability should support our continued focus on reducing debt."
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