IGT reveals ongoing growth in Q2 as finances rise in first half

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International Game Technology (IGT) has cited a positive financial performance in the second quarter as a key reason behind growth in the first half of the year.

Revenue in the three months to June 30 came in at $1.29 billion (€1.27 billion), up 1% from $1.27 billion posted in the corresponding period last year.

Operating income climbed 47% year-on-year to $171 million, with adjusted net income also up by 4% to $290 million.

Elsewhere, adjusted earnings before income, tax, depreciation and amortisation (EBITDA) increased by 2% year-on-year to $443 million, with net income per share improving from a loss of $0.59 to a positive of $0.36 and adjusted net income per share up 13% from $0.38 to $0.43.

As a result, total revenue for the first half stood at $2.56 billion, up from $2.12 billion last year.

Operating income increased from $278.3 million to $358.6 million, while net loss was cut from $147.9 million to $3.6 million in the six-month period.

“Robust growth in our global lottery operations, notably in Italy and North America, and the resilience of our global gaming business are the key takeaways from our second quarter results,” IGT chief executive Marco Sala said.

“Service revenues, which account for the bulk of our business and are mostly supported by long-term contracts, rose a solid 6% at constant currency in the period.

“We are making good progress implementing our strategy of developing innovative content and technology that we can leverage across gaming platforms and around the world.”

Alberto Fornaro, chief financial officer for IGT, added: “This is our third consecutive quarter of year-over-year adjusted EBITDA growth.

“A solid increase in service revenue, additional synergy savings and disciplined operational management all supported significant operating cash flow generation during the quarter.

“As a result, we maintained a stable net debt and leverage profile in the period when we paid the largest instalment of the upfront Italian Lotto concession payment.”

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