Dismal Q3 For IGT
The London-headquartered multinational gaming company that produces slot machines and other gaming technology IGT has announced the results for this year’s third quarter, revealing the net losses of $804 million and the operating loss of $556 million.
In the report covering the three-month period ending on September 30, IGT cites its $714 million write-down charge of its North American business unit as the main reason for such a dismal quarter result.
According to the company, the write-down won’t have any significant impact on the current operations.
Revenue Falling Down
IGT has also revealed the company’s revenues of $1,221 million were 4% less when compared to the corresponding period of last year, noting that revenue channels are still adjusting to the sale of DoubleDown Interactive, completed in June.
Based on the current results and the exchange rates, IGT estimates the company will reach the expected adjusted EBITDA f $1,640-$1,680 million for the full year period.
Although IGT recorded a drop in revenue, the company declared this period’s adjusted EBITDA in-line with the results from the same period of last year. According to the company data, the rise in product sales and lower operating costs had helped IGT offset the contribution of DoubleDown earnings.
Operations Growing Steadily
IGT has managed to reduce the corporate debt by 7.6% in comparison with the third quarter of the last year (from $7.9 billion to $7.3 billion), which was one of the key goals the company announced at the beginning of the year.
Commenting on the quarter results, IGT Chief Executive Officer Marco Sala said the company’s global Lottery operations were growing steadily and acceptance of their newest gaming machines was expanding around the world.
Sala added that the significant increase in Gaming and Lottery product sales demonstrated a clear interest in IGT systems and technology solutions.