Things don’t look that bad either, but by comparison with the previous year results in the third quarter, they could have definitely been better. The 2018 July-September consolidated revenue dropped 5.4% against 2017, settling at $1.16 billion. In the same period back in 2017, IGT was reporting a much better $1.22 billion consolidated revenue. But there is also a bright side for IGT if you think about the $22.3 million net profit reported this year, against the worrisome $803.6 loss registered the same period last year. According to Marco Sala, CEO of IGT, it was the company’s solid performance and the long-term contracts that have led to this positive result in Q3 as well as on a year-to-date scale. At the opposite pole, IGT registered a debt increase towards the end of the third quarter, reaching $7.57 billion in debt, against 2017’s $7.34 and a $200 million operating income.
According to the company’s representatives, the Q4 net loss of $102 million as well as the overall performance, several factors have led to these results, one of them being the dynamics of sports betting from the past year, which include some of the lowest payout percentages ever reported in Italy. Nevertheless, IGT has solid plans for 2019, looking at an entire year of adjusted EBITDA between $1.7 billion and $1.76 billion, as well as a capital expenditure ranging between $450 million and $550 million. Alberto Fornaro, the IGT chief financial officer, stated that due to these results, the company’s outlook has been adjusted for the year in course. He added that the forecast for EBITDA will be narrowed down between $1.745 billion and $1.78 billion.
IGT CEO Marco Sala concluded that the company’s vision of a new printing press by the beginning of 2019, led to an increase of 20% in terms of games printed and that the newly landed instant printing contracts in Texas, Idaho and New York form represent a great success and starting point for the IGT high profile licenses.