US online and land Gaming supplier International Game Technology (IGT) has posted its Q1-2018 performance metrics, highlighting:
* Consolidated revenue was $1,207 million, up 5% in the prior-year quarter;
* Net loss of $103 million includes $97 million of net foreign exchange loss;
* Adjusted EBITDA up 18 percent at $436 million on strong global casino system sales, continued expansion in lottery same-store earnings, and Italy sports gaming results;
* Net debt of $7,525 million ($7,319 million as of December 31, 2017) comprises $119 million of net negative foreign currency impact;
* Interest expense was $110 million compared to $115 million in the prior-year interval;
* North America region simplified and consolidated under the leadership of Renato Ascoli as CEO of North America
* Cash dividend declared of $0.20 per ordinary share
* Adjusted operating income was $251 million, a 6% y-o-y growth;
* Provision for income taxes up at $61 million from a $10 million gain in the prior-year interval;
* Cash from operations was $77 million compared to $294 million in Q1-2017;
* Cash and cash equivalents were $570 million as of March 31, 2018, compared to $1,057 million as of December 31, 2017;
Management said advice remains unchanged for the year at an adjusted EBITDA of $1,700-$1,780 million, with $575-$625 million capex planned.
“The positive underlying contribution from each of our operating segments supplies a powerful start to the year,” said Marco Sala, CEO of IGT, whilst Alberto Fornaro, CFO added:
“We are solidly positioned to achieve our 2018 strategic and financial goals. With earnings growing 5% and Adjusted EBITDA up 18 percent, our first quarter results are some of the best we have reported. ”
