IGT reports financial results for the fourth quarter
March 10, 2018 7:16 AM
by Robert Mann
International Game Technology (IGT) has reported financial results for the fourth quarter and year ended December 31, 2017.
The company announced fourth quarter net income of $80 million including a one-time, non-cash tax benefit and an adjusted EBITDA of $452 million bolstered by strong international performance that includes sports betting results in Italy coupled with lower operating expenses.
The London-based company posted a 2017 net loss of $1.069 billion including previously reported $714 million non-cash impairment charge and $444 million of primarily non-cash net foreign exchange loss, a 2017 adjusted EBITDA of $1.676 billion at the top of the range forecast, a net debt of $7.319 billion at year end and a cash dividend declaration of $0.20 per ordinary share.
"We had a strong finish to 2017, amplifying the progress we made throughout the year," said Marco Sala, CEO of IGT. "We delivered outstanding results in our lottery business and improved our key performance indicators in the gaming business.”