International Game Technology PLC Reports Fourth Quarter And Full Year 2017 Results

in Finance

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IGT 2017 Fourth Quarter Results and Webcast (Replay)


Fourth quarter net income of $80 million includes one-time, non-cash tax benefit; adjusted EBITDA of $452 million reflects strong International performance, Italy sports betting results, and lower operating expenses

- 2017 net loss of $1,069 million includes previously reported $714 million non-cash impairment charge and $444 million of primarily non-cash net foreign exchange loss
- 2017 adjusted EBITDA of $1,676 million at top of expected range
- Net debt of $7,319 million at year end, better than outlook
- Cash dividend declared of $0.20 per ordinary share

LONDON, March 8, 2018 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) today reported financial results for the fourth quarter and year ended December 31, 2017. Today, at 8:00 a.m. EST, management will host a conference call and webcast to present the fourth quarter and full year 2017 results; access details are provided below.

IGT is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Interactive and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships...

"We had a strong finish to 2017, amplifying the progress we made throughout the year," said Marco Sala, CEO of IGT. "We delivered outstanding results in our Lottery business and improved our key performance indicators in the Gaming business. These achievements were enhanced by disciplined expense management. Bringing innovative content and technology to market remains the cornerstone of our strategy. Last year, we executed well along this path and established a solid foundation for growth in 2018 and beyond."

"We met all of our financial objectives for the year, including the top end of our EBITDA expectations. Net debt was slightly better than our outlook, despite the early Scratch & Win renewal in the fourth quarter," said Alberto Fornaro, CFO of IGT. "The results for the fourth quarter and full year highlight the diversity and resilience of the IGT franchise."