International Game Technology reported consolidated revenue growth of 30 percent to $1.22 billion in 15Q3 from $938 million in the prior corresponding period as its global lottery business was helped by new game performance, offsetting a decline in product sales.
Resilience in global lottery operations offset an expected decrease in gaming product sales, largely due to significant Oregon VLT and casino conversion sales in the third quarter of 2014, the company said.
During the quarter, the company sold 6,622 gaming machines worldwide and global lottery same-store revenue, excluding Italy, increased 6 percent.
Adjusted EBITDA grew 21 percent year-on-year to $414 million in 15Q3.
“We are pleased to report third quarter profitability in line with our expectations in this year of transformation,” said Marco Sala, CEO of IGT.
“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.”
“Our third quarter results reflect the diversity of our business and disciplined operational management,” said Alberto Fornaro, CFO of IGT. “Our synergy plans remain on track, free cash flow generation was strong, net debt was reduced, and our financial condition remains solid.”