Global gaming firm International Game Technology reported a slight 1% decline in consolidated revenue to US$1.25 billion in the three months to 31 December 2019, with strong growth in global gaming products and higher sports betting contributions negated by Italy gaming machines taxes and lower service revenues from reduced North American multistate jackpot activity.
However, IGT saw its operating revenue soar by 99% to US$81 million and Adjusted EBITDA by 5% to US$436 million.
Net loss attributable to IGT reached US$168 million for the quarter, which included a non-cash, non-deductible goodwill impairment charge of US$99 million.
Notably, IGT’s international segment booked a 4% increase in revenue in 4Q19 to US$226 million, driven by growth in both gaming and lottery. Gaming increased 6% to US$131 million, including a 14% rise in product sales to US$105 million, while lottery was also up 6% to US$80 million on lottery services revenue.
The company’s FY 2019 results, driven by record global gaming product sales, saw a 1% decline in revenue to US$4.79 billion, 2% decline in operating income to US$637 million and 1% fall in Adjusted EBITDA to US$1.71 billion.
“We achieved the high end of our profit and cash flow expectations for 2019, led by strong results for our North America Gaming and Italy segments,” said IGT CEO Marco Sala.
“In the full year, we grew global gaming product sales by more than 20% thanks to higher unit shipments and the success of our new games. Global lottery same-store revenue also rose.
“We are closely monitoring the impact of the Coronavirus outbreak. Apart from this, solid operational performance across products and regions should support continued momentum in 2020.”
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