IGT Q3 adjusted EBITDA tops estimates, revenue misses

International Game Technology said Q3 adjusted EBITDA gained 3 percent to $443 million, beating analysts’ expectations, though it fell short of forecasts on revenue.

Adjusted net income per share fell 23 percent to $0.31, while group revenue declined 4 percent to $1.15 billion at constant currency, due to a change in accounting policy and the “lumpiness” of product sales.

“Solid performance and important, long-term contracts drove very good third quarter and year-to-date results,” said Marco Sala, CEO of IGT. “Global Lottery same-store revenues for instants and draw games rose mid-single digits. The installed base of gaming machines was up, and unit shipments of gaming machines increased 10 percent.”

“And, we enjoyed particularly strong sales and profit growth in Italy, confirming the vitality of that important market. We are firmly on track to achieve our 2018 financial and operational goals.”

Deutsche Bank analysts said they had expected adjusted EBITDA of $407 million, while revenue came in $14 million below its forecast.

“Importantly, IGT narrowed 2018 EBITDA guidance to $1.74 to $1.78 billion, the top half of its prior $1.70 to $1.78 billion range, despite continued headwinds from FX, relative to guidance,” the analysts said in a note.

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