IGT Posts Attributable Net Loss In Q3; Adj. EPS Tops View; Backs Outlook

(RTTNews) - International Game Technology PLC (IGT) reported Monday that its third-quarter net income was $18.41 million, compared to $8.97 million last year.

Meanwhile, the company reported attributable net loss of $1.90 million, compared to net income of $7.13 million a year ago. Loss per share was $0.01, compared to profit of $0.04 a year ago.

The latest results reflected the impact of $21 million in primarily non-cash foreign exchange losses.

Adjusted net income was $90 million or $0.45 per share, compared to $0.42 per share a year ago.

Revenues went up 5% to $1.27 billion from $1.20 billion a year ago, on strong lottery growth and higher gaming product sales.

On average, six analysts polled by Thomson Reuters expected earnings of $0.44 per share on revenues of $1.25 billion. Analysts' estimates typically exclude special items.

Global lottery same-store revenue, excluding Italy, increased 6%, while Italy lottery wagers increased 7%.

Alberto Fornaro, CFO of IGT, said, "Higher profitability enabled us to maintain our leverage ratio despite the significant interest and tax payments of the quarter. Based on our performance to date, we remain comfortable with our adjusted EBITDA outlook for the full year."

For fiscal 2016, the company continues to expect adjusted EBITDA of $1.74 billion to $1.79 billion.

Capital expenditures excluding upfront Lotto concession payments are now expected to be no more than $550 million. This compares to previous capital expenditure guidance of $550-$580 million.

In pre-market activity, IGT shares were gaining 2.79 percent to $30.99 million.