IGT Improves Their Financial Outlook

Global betting giant International Game Technology has posted their 2018 fiscal results, revealing a smaller loss than the year prior.

Key financial indicators for the year ending December 31st, 2018 were:

• Revenues down 2.2% to $4.8 billion
• Service revenues down 2% to $4.1 billion
• Product sales down 2% to $785 million
• International division sales down 7% to $820 million
• Lottery division revenues up slightly to $1.2 billion
• North America and interactive revenues down 13% to $1 billion
• Italian revenues up 3% to $1.8 billion
• Operating costs down 14% to $4.2 billion
• Cost of services of $2.5 billion
• Cost of product sales down to $491 million
• Impairment losses down to $120 million from $715 million the year prior
• Operating profits of $647 million, up from a loss of $51 million the year prior
• Pre-tax profits of $304 million, up from the pre-tax loss of $926 million the year before
• Post-tax profits of $115 million, but this was eliminated due to a $136 million payment made by the firm
• Net loss of $21 million because of that payment, down from a $1.1 billion loss in 2017

Commenting on the results IGT CEO Marco Sala said, "Our 2018 results are in line with the improved outlook we provided in October. The year was characterised by strong global Lottery performance, resilience in Italy, and progress in North America Gaming. We've established solid foundations to build on - securing large, long-term Lottery contracts in key markets and executing a full refresh of our gaming machine cabinet and content portfolio. These efforts will translate into improved free cash flow beginning in 2019."