International Game Technology Plc (IGT) announced a year-on-year growth of 30 percent in consolidated revenue for the third quarter of 2015, to US$1.22 billion. The U.S.-listed firm stated the increase reflected the acquisition by GTech SpA of legacy International Game Technology.
IGT was created from the US$6.4-billion merger in April of Nevada-based slot machine maker International Game Technology and Italy-based lottery equipment and management specialist GTech. The combined companies took the name of International Game Technology Plc.
On a pro-forma basis – i.e., when compared against the combined results of both original firms in 2014 –, IGT’s third quarter 2015 revenue was down 18 percent year-on-year.
During the quarter, the company sold 6,622 gaming machines worldwide. The firm’s global lottery revenue – judged on a same-store basis but excluding Italy – increased 6 percent, IGT stated in a filing to the New York Stock Exchange.
“We are pleased to report third quarter profitability in line with our expectations in this year of transformation,” said Marco Sala, chief executive of IGT, in a prepared statement.
He added: “We are focused on driving growth through innovation. Our recent showcases at the leading gaming and lottery trade shows demonstrated that commitment and the power of combining our compelling content and leading-edge technology to cement our industry leadership.”
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for IGT stood at US$414 million in the third quarter, down by 23 percent year-on-year on a pro-forma basis. The firm attributed the decline to “sales dynamics in the quarter”.
IGT’s net income for the period was US$7 million.
“While the slot machine business remains weak in the domestic market, we view the IGT story in a broader context centered around the global business lines, the free cash flow generated and deleveraging in the near term,” analysts David Katz and Brian Davis from brokerage Telsey Advisory Group LLC wrote in a note commenting on IGT’s third quarter results.
IGT announced in September it had been selected to provide gaming systems technology to Macau casino resort Wynn Palace, a property under construction in the city’s Cotai district.
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