robust quarter sees igt adjust 2018 earnings forecast

robust quarter sees igt adjust 2018 earnings forecast

by 31.10.2018 0 comments

New York-listed gambling technology and lottery systems provider International Game Technology PLC (IGT) has revised its full-year 2018 earnings expectations, publishing a better than anticipated Q3 2018 trading update (period ending 30 September).

Updating the market, IGT governance details solid lottery performance, combined with improved gaming KPIs which have helped the company deliver a 3% increase in adjusted EBITDA to $443 million (Q3 2017: $428m).  

The technology group delivers a robust EBITDA performance despite recording a 5% decline in period corporate revenues to $1.15 billion (Q3 2017: $1.22bn) due to negative impacts on ‘ASC – revenue from contracts’ and client product adjustments.

Closing its Q3 2018 trading, IGT declares a group operating profit of $200 million, reversing corresponding 2017 losses of $550 million, a period which saw the company write-down a North America Interactive gaming unit.

“Global Lottery same-store revenues for instants and draw games rose mid-single digits. The installed base of gaming machines was up, and unit shipments of gaming machines increased 10%. And, we enjoyed particularly strong sales and profit growth in Italy, confirming the vitality of that important market. We are firmly on track to achieve our 2018 financial and operational goals.” Marco Sala, CEO of IGT.

Posting a solid Q3 trading performance, IGT governance narrows its full-year 2018 EBITDA outlook to $1,740 – $1,780 billion range, in-line with the firm’s top half of corporate guidance.

“We’ve delivered Adjusted EBITDA growth of 4% and 7% for the third quarter and year-to-date periods at constant currency and scope,” said Alberto Fornaro, CFO of IGT. “As a result, we are narrowing our Adjusted EBITDA outlook for 2018 to $1,740 – $1,780 million, the top half of the prior range.”

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