IGT beats market expectations for its first quarter
May 23, 2018 10:04 AM
by Robert Mann
International Game Technology (IGT), the major gaming and lottery services and products provider, beat market expectations for its first quarter company-provided 2018 results revealed.
IGT, in its media statement, reported that consolidated revenue increased by 5 percent year-on-year to approximately $1.21 billion in the first three months of 2018, compared to $1.15 billion in the first quarter of 2017. Revenue growth was “driven by strong global casino systems sales, broad-based momentum in lottery, and Italy sports betting results
IGT reported operating income of $197 million for the first three months of 2018, up 65 percent from the prior-year period. Adjusted earnings, before interest, taxation, depreciation and amortization, (EBITDA) were $436 million, up 18 percent compared to $371 million in the first quarter of last year. The company said the increase in adjusted EBITDA was due to “higher underlying revenue and profit across all business segments”.
“Compelling content and technology solutions are driving our results,” said Marco Sala, chief executive of IGT, in the prepared statement.