Scientific Games swung to a net income of $18 million in the third quarter of 2019, due mainly to growth in revenue and a gain on remeasurement of Euro-denominated debt.
The net income result in 19Q3 was up from a net loss in the prior-year period of $352 million.
Third-quarter revenue rose 4 percent to $855 million, with growth achieved across every business segment.
Consolidated adjusted EBITDA increased 6 percent to $344 million, driven by higher revenue and business improvements.
Barry Cottle, president, and CEO of Scientific Games, said, “Each of our business segments is growing on both the top and bottom line, enabling us to continue on our path to 5.5x net debt leverage by the end of 2020. We showcased our great games and products at G2E which demonstrated our industry-leading position as a one-stop solution across platforms and key content. This positioning will allow us to enhance partner operations, grow in existing markets and win in emerging markets.”
Michael Quartieri, CFO of Scientific Games, added, “Our products grew the top-line, and operating leverage was driven by business improvements. We believe there are a number of avenues for further growth driven by share gains and new market opportunities. We remain firmly committed to maximizing cash flows and delever our balance sheet.”