Land and online giant International Game Technology (IGT) has announced their third quarter 2018 financial results, revealing that their revenues dropped during the period.
Key financial indicators for the quarter ending September 30th, 2018 were:
- Revenues of $1.16 billion, down 5.4% from the year prior
- Net income of $22.3 million compared to a loss of $803.6 million last year
- Debt of $7.57 billion, up from $7.34 billion last year
- Operating income of $200 million, up from a loss of $556.1 million last year
- Adjusted EBITDA of $443.3 million, up 3.5% from last year
Commenting on the results IGT CEO Marco Sala said, "Solid performance and important, long-term contracts drove very good third quarter and year-to-date results…The installed base of gaming machines was up, and unit shipments of gaming machines increased 10 percent… We are firmly on track to achieve our 2018 financial and operational goals."
"We have also had a great success with high profile license properties, such as The Voice and Wheel of Fortune, which we'll leverage across the IGT franchise. The vision of our new printing press at the beginning of the year has driven a 20% increase in the number of games printed. We have recently secured instant ticket printing contract extensions in Texas, New York and Idaho."