Declines in both its International and Italian business segments saw global gaming giant IGT’s financial results fall away in the three months to 31 March 2019, with revenue down 5% and operating income 10% compared with the prior year period.
Consolidated revenue in 1Q19 was US$1.15 billion, representing a more steady 1% decline at constant currency, with net income of US$178 million and Adjusted EBITDA of US$417 million – down 4% in real terms but steady at constant currency.
In the International segment, revenue fell 1% at constant currency to US$172 million due to a 5% fall in gaming to US$81 million. Gaming sales were down 15% to US$30 million while product sales, including terminals, grew 4% to US$51 million.
Lottery revenue was strong across the board, up 5% to US$74 million internationally and 3% to US$204 million in Italy, but Italy’s gaming revenue was down 13% to US$153 million.
North America Lottery was stable at US$296 million while North America Gaming and Interactive fell 1% to US$140 million.
“Our first quarter results confirm the consistent growth profile of our global lottery business and the progress we’ve made in sales of gaming machines, where global unit shipments increased 20%,” said IGT’s CEO, Marco Sala. “The results of our Italy operations are also noteworthy, with further growth in lottery and resilient machine gaming performance. As we look to the future, our focus remains on improving revenue and profits from gaming activities, innovating with new lottery games and technologies and pursuing emerging growth opportunities.”
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