IGT PLC Finances Rises in the First Half of the 2016 and Continues to See Online Growth
IGT (International Game Technology) financials were released expressing a positive performance with the second quarter, and continues to see online growth for the first half of the year. The first three months shown revenues, up to June 30th, amounting to $1.29 billion. This amount is up by 1% compared to last year. It might not be a huge jump, but one percent is something.
Adjusted net income also seen a growth up by 4% to $290 million.
– Net income of $73 million; adjusted Net income of $87 million
– Adjusted EBITDA rose 4% to $443 million on strong service revenues in Italy and North America
– Continued expansion in Lottery, resilience in Gaming
– Stable net debt despite initial Italian Lotto concession payment
“Robust growth in our global lottery operations, notably in Italy and North America, and the resilience of our global gaming business are the key takeaways from our second quarter results. Service revenues, which account for the bulk of our business and are mostly supported by long-term contracts, rose a solid 6% at constant currency in the period. We are making good progress implementing our strategy of developing innovative content and technology that we can leverage across gaming platforms and around the world.” – IGT Chief Executive Marco Sala.
Chief Financial Officer, Alberto Fornaro also commented adding that,
“this is our third consecutive quarter of year-over-year adjusted EBITDA growth. A solid increase in service revenue, additional synergy savings and disciplined operational management all supported significant operating cash flow generation during the quarter. As a result, we maintained a stable net debt and leverage profile in the period when we paid the largest instalment of the upfront Italian Lotto concession payment.”