About higher revenues would probably every company in its quarterly results report. And now IGT could do it. In the third quarter of 2016, International Game Technology PLC was able to grow again and recorded a positive balance.
Lottery and gaming products bring good sales
Especially in two areas, International Game Technology has been able to write very good figures and thus have a strong influence on the overall turnover. Were namely For IGT, the division’s lottery and gaming products in the third quarter 2016 with great success.
In the lottery sector, where IGT sells good and popular products worldwide, according to CEO Marco Sala, a particularly strong performance has shown in the third quarter, which is of course also very satisfied with the company. In addition, the company’s gambling machines were also very much involved in the good turnover as they are also becoming increasingly popular and can be found all over the world. In the third quarter, Sala achieved a solid expansion in sales and profits.
The numerous trade fairs on which IGT was also present recently also showed that the company is becoming increasingly popular. A good customer acquisition as well as a general interest in the IGT products certainly lead to good balance sheets in the fourth quarter and next year.
Strong financial situation at IGT
Alberto Fornaro, CFO at IGT, was delighted to announce that the company is doing very well in financial terms and that broadly-based growth was achieved in all regions in the third quarter. So Fornaro also dares to make a very good forecast for the year 2016. Because he is sure that overall the year 2016 at IGT will lead to a very good balance and one can build on these ground stones further.
In the third quarter of 2016, revenue of $ 1,266 million was generated, or about $ 1.266 billion. For comparison, revenue in the same quarter of 2015 was still at US $ 1.202 billion. This represents an increase of five percent. The operating result was obviously much higher. While it was still 130,000,000 dollars in the prior-year period, it was 164,000,000 dollars in the third quarter of 2016. This result could even be increased by 26 percent. A good three per cent could be achieved in net debt as compared to the third quarter of 2015. The net debt was still at $ 8,196 million last year, and the last quarter was $ 7,937 million.
Adjusted results are convincing
IGT also delivered good and rising figures in terms of adjusted results, which is the reason for the success of the company. Adjusted EBITDA was $ 430 million last quarter, up 4 percent from $ 414 million last year. IGT also increased its operating result by 9 percent in the third quarter of 2015 from $ 261 million in 2015 to $ 286 million.
Earnings per share also rose in the last quarter. This was $ 0.42 million in the prior-year period, rising by seven percent in the third quarter of 2016 to $ 0.45 million. Investors are also likely to be very pleased with this result.