Land and online betting group International Game Technology has announced their full-year 2017 financial results, hitting their various financial goals despite posting lower revenues from the year prior.
The company's financial results ending December 31st, 2017 were:
- Revenues of $4.94 billion, down from $5.15 billion last year
- Operating income loss of $51 million, down from a positive $660 million the year prior
- Adjusted operating income down 12% to $1.03 billion
- Adjusted EBITDA of $1.68 billion, down 5% from the year prior
- Net debt reduced 3% to $7.32 billion
- Net income per diluted share of -$5.26, which is worse than the +$1.05 posted in 2016
Even though the results look dire, the company's performance was actually decent, as they hit all of their various goals. Commenting on the results IGT CEO Marco Sala said, "We had a strong finish to 2017, amplifying the progress we made throughout the year. We delivered outstanding results in our lottery business and improved our key performance indicators in the gaming business; these achievements were enhanced by disciplined expense management."
"Bringing innovative content and technology to market remains the cornerstone of our strategy. Last year, we executed well along this path and established a solid foundation for growth in 2018 and beyond."
IGT CFO Alberto Fornaro added: "We met all of our financial objectives for the year, including the top end of our EBITDA expectations. Net debt was slightly better than our outlook, despite the early Scratch & Win renewal in the fourth quarter."
"The results for the fourth quarter and full year highlight the diversity and resilience of the IGT franchise."
The results do look awful but if from the company believe they've done fine we should probably trust them because from IGT wouldn't be so happy if their business was about to fail.