IGT Cites Non-Cash Impairment Charge for its Q3 Losses

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IGT Cites Non-Cash Impairment Charge for its Q3 Losses

IGT’s Net loss of $804 million includes $714 million non-cash Impairment Charge + $118 Million of Net Foreign Exchange Loss

A non-cash impairment charge worth $714 million is being cited by IGT for its losses it seen for Q3. Revenues fell short of around 4% for year-on-year totals, but operating losses dropped by 439%. Adjusted operating income also fell by 10% to $258 million.

IGT Chief Executive Marco Sala was positive about the quarter overall saying,

“Our strong third quarter performance reflects the scope and balance of our business. Our largest global lottery operations are growing steadily and acceptance of our newest gaming machines is expanding around the world. The significant increase in gaming and lottery product sales demonstrates clear interest in our systems and technology solutions. We expect our sustained investment in innovation, led by a customer-first, player-centric focus, to drive continued momentum in both lottery and gaming.”

Alberto Fornaro, Chief Financial Officer for IGT added to the comments with,

“Thanks to a favorable product sales mix and reduced operating expenses, adjusted EBITDA improved from the prior-year period, after considering certain non-comparable items, such as the DoubleDown sale. Based on the year-to-date results and current exchange rates, we expect to achieve adjusted EBITDA of $1,640-$1,680 million for the full-year period.”

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