IGT Posts 5% Revenue Growth in Q1 2018
With many decades of industry experience, International Game Technology (IGT) is a successful land-based and online casino and gaming specialist with headquarters based in the casino gambling capital of Las Vegas, USA.
Now, the gaming solutions supplier has recently released its financial report for the first quarter of 2018, praising its compelling gaming content and technological innovations for yet another period of success. Witnessing growth across all of its main divisions, IGT can reasonably expect similarly positive progress in its financials for the remainder of the current fiscal year.
Rises in EBITDA and Total Income
The gaming technology development firm has again posted year-on-year growth across many of its key financial verticals. Revenues for IGT in the three months ended on March 31 came to $1.21 billion, growing by 5% over the $1.15 billion posted in the same period of 2017.
Operating income for the firm also rose an impressive 65% over 2017’s results, jumping from $119 million to $197 million. Adjusted operating income also grew by 6%, growing from $238 million to $251 million during the period in review.
In other key fiscal areas, IGT’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose by 18% from $371 million to $436 million, although the company’s net debt levels also grew by a minor 2% to a total of $7.53 billion.
The developer’s adjusted net income per diluted share for Q1 stood at a relatively low $0.15c, dropping by 48% from the $0.49c posted in the first three months of 2017. With that said, the company is expecting this figure to increase substantially during the year as its long-term growth strategies progress.
CEO Sala Comments on Results
CEO of IGT Marco Sala commented on the results, noting that ‘compelling’ gaming content and technological solutions have been driving his firm’s pleasing results. Sala added that same-store lottery revenue growth was one of the highest levels of income for the firm over the past few quarters, even in IGT’s largest gaming markets.
The CEO also stated that a massive increase in systems sales, double-digit growth rates in international gaming machine replacements, growth in its North American market all demonstrate the strength and momentum of the company’s global gaming operations.
Lastly, Sala said, the positive contributions from each of IGT’s main operational segments has given the firm a very strong start to the year, which he expects to continue all the way up to the fourth quarter of 2018 and beyond.