Internationally recognized developer, manufacturer, and distributor of gaming and lottery machines and systems International Game Technology released information about its financial performance during the third quarter of the year. Revenue for the period amounted to $1.2 billion, up 30% from the $938 million posted for the same three months a year ago.
Adjusted EBITDA totaled $414 million, up 21% year-on-year. Adjusted operating income increased 26% to reach $258 million during the three months ended September 30. The company also reported quarterly operating income of $130 million, down 29% from the $184 million posted for the same three months a year ago.
Revenue from IGTs North America Gaming & Interactive business amounted to $341 million in the third quarter of 2015. In comparison, the amount of $37 million was reported for the same period of 2014. Operating income totaled $85 million compared to $2 million in the three months ended September 30, 2014.
IGT also reported North America Lottery revenue of $253 million, up 6% year-on-year. Operating income amounted to $50 million in the third quarter of the year. In comparison, the total amount of $20 million was posted for the same period of 2014.
Revenue from the company’s international operations totaled $211 million, up from the $138 million generated in the third quarter of 2014. Operating income for the reviewed period increased 28% year-on-year to reach $37 million.
IGT’s Italian business was the only to post a drop in its quarterly revenue. It totaled $414 million, down from the amount of $525 million reported in the third quarter of 2014. The drop was mainly attributed to the weakening Euro. Operating income was $131 million, down from $192 million generated in the three months ended September 30, 2014. IGT attributed the decrease to unfavorable currency impacts and last year’s gain due to the sale of its sports and events tickets business.
Commenting on the company’s third-quarter results, IGT CEO Marco Sala said that the reported profitability for the period was in line with their expectations. Mr. Sala further noted that they will continue focusing their attention on achieving “growth through innovation” and cementing their industry leadership.
IGT CFO Alberto Fornaro noted that the posted results reflect the company’s diversity and “disciplined operational management.” He also pointed out that given the current circumstances, IGT is likely to reach the top half of their outlook for the 2015 adjusted EBITDA.
