International Game Technology booked a 5% increase in both revenue and Adjusted EBITDA at constant currency in 2Q19 on the back of significant growth in global gaming product sales and strength in global lottery same-store revenue.
Revenue for the quarter was US$1.23 billion, with operating income up 10% at constant currency to US$224 million and Adjusted EBITDA of US$454 million – the highest the company has achieved in three years.
IGT said that net income attributable to IGT was US$5 million while adjusted net income attributable to IGT was US$91 million, up from US$57 million in the prior year on growth in profit before taxes and a lower adjusted tax rate.
By segment, North America Gaming and Interactive saw an 8% growth in revenue to US$274 million and 27% growth in operating income to US$85 million due to strong growth in product sales and systems.
Revenue in North America Lottery held steady at US$309 million with operating income down 3% to US$78 million. The primary contributor to the segment, lottery services revenue, held steady at US$238 million.
Internationally, revenue increased 20% to US$229 million although operating income fell 11% to US$30 million. International product sales grew 76% to US$114 million while services revenue and lottery revenue were both down in 2Q19.
“We had a strong second quarter, with top-line growth driven by a sharp increase in gaming product sales and impressive gains in global lottery same-store revenues. Profits were up nicely in our North America Gaming and Italy segments,” said IGT CEO Marco Sala. “I am pleased with the broad-based improvement in key performance indicators for our main businesses.”
RelatedPosts
