IGT Plc governance stated that it was pleased with corporate performance, as it reported $414 million (£270 million) adjusted EBITDA earnings for its Q3 2015 results (period ending 30 September).
The earnings results represent a 21% increase on Q3 2014’s $342 million EBITDA. IGT’s performance was driven by a 30% increase in revenues to $1,25 billion for the period (Q3 2014 – $938 million).
The New York listed firm informed investors and stakeholders that it was still adjusting reporting of its combined GTECH SpA and IGT ‘legacy’ operations. Its Q3 2015 results represent IGT’s second merged earnings report.
As a result pro forma operating income would be recorded at $130 million (£85 million), down 29% on Q3 2014’s 184 million. At present IGT records its net-debt at $8.1 billion following its April merger.
Similar to other US listed corporations with strong presence in European markets, IGT governance noted that its performance had been impacted by the strengthening of a US dollar against the EURO.
The firm stated that its ‘resilient profitability’ represented a diversity of its business channels, combined with disciplined operational management.
The company was further pleased to note that it had begun to implement synergies between its to merged enterprises, which would aid long term growth.
Marco Sala, CEO of IGT, commented on results:
“We are pleased to report third quarter profitability in line with our expectations in this year of transformation,
“In our global lottery operations, we delivered another resilient set of results and we are encouraged by our new game performance. As expected, product sales moderated from the second quarter’s high level. We are focused on driving growth through innovation. Our recent showcases at the leading gaming and lottery trade shows demonstrated that commitment and the power of combining our compelling content and leading-edge technology to cement our industry leadership.”
Alberto Fornaro, CFO of IGT, added:
“Our synergy plans remain on track, free cash flow generation was strong, net debt was reduced, and our financial condition remains solid. We planned our first year as a combined company prudently; based on our year-to-date results and current top-line visibility, we are confident in reaching the top half of our 2015 adjusted EBITDA outlook.”
IGT Plc Performance overview Q3 2015