IGT moves from red to black for Q3
Growth in lottery in Italy aided IGT towards operating income of $200m for Q3, compared with an operating loss of $556m in the corresponding period last year.
There was a 4% year-on-year drop at constant currency for IGT's revenue however, which totalled $1.16bn.
Lottery revenue growth in Italy went up by 3.6%, while global lottery same-store revenue growth was up by 5% on the instants and draw games.
The strong lottery performance improved gaming KPIs and broad-based strength in Italy. Sports betting wagers saw an increase of 10% in Italy.
Marco Sala, CEO of IGT, said: “Solid performance and important, long-term contracts drove very good third quarter and year-to-date results. 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%.”
Interest expense was down to $107m, compared to $114m.
Alberto Fornaro, CFO of IGT, said: “We’ve delivered adjusted EBITDA growth of 4% and 7% for the third quarter and year-to-date periods at constant currency and scope. As a result, we are narrowing our adjusted outlook for 2018 to $1,740 – 1,780 million, the top half of the prior range.”