Global gaming giant IGT saw its revenues grow 5% to US$1.2 billion in 1Q18, driven by 12% growth in its international segment and 20% increase in Italy.
IGT pointed to strong global casino system sales, momentum in lotteries and good results in Italy sports betting as central to the revenue increase, with Adjusted EBITDA up 18% to US$436 million and Adjusted operating income rising 6% to US$251 million. Net loss for the quarter was US$103 million.
IGT’s international segment saw revenue grow 9% to US$72 million and gaming product sales revenue grow 37% to US$51 million, including higher gaming machine unit shipments and double-digit growth in replacement units. Operating income was up from US$7 million to US$22 million.
The company saw its revenue in the North America market decline 20% to US$244 million due entirely to the sale of its DoubleDown interactive unit, which saw gaming service revenue fall from US$234 million to US$154 million.
“Compelling content and technology solutions are driving our results,” said IGT CEO, Marco Sala. “Lottery same-store revenue growth was among the highest levels in the last several quarters, even in our largest markets.
“A sharp increase in systems sales, double-digit growth in global gaming machine replacement unit shipments, and sequential improvement in the North America installed base confirm the good momentum of our global Gaming business. The positive underlying contribution from each of our operating segments provides a strong start to the year.”
Chief Financial Officer Alberto Fornano added, “We are solidly positioned to achieve our 2018 strategic and financial goals. With revenue growing 5% and Adjusted EBITDA up 18%, our first quarter results are some of the best we’ve reported.”
RelatedPosts
