Lottery and Product Sales Improvement for IGT’s Q2
This year is a success for IGT.
According to the report for the second quarter of this financial year, the leading provider has experienced considerable progress, especially when it comes to product sales and lottery gains.
The Report
According to the financial report, revenue was up 5% while operating income was stated to be $224m. The adjusted operating income was around 274$, which is 6% higher than in the previous quarters. The year-to-date operating cash flow was $592m with a free cash flow of $361m. Adjusted EBITDA was $454m, ahead by 5% at constant currency.
What This Means
The results of the latest report suggest a great success in the following months until the end of the year. Of course, the biggest results come from hard work poured into the gaming products sales and gains in the lottery. The CEO of IGT, Marco Sala explained, ”We had a strong second quarter, with top-line growth driven by a sharp increase in gaming product sales and impressive gains in global lottery same-store revenues. Profits were up nicely in our North America Gaming and Italy segments. I am pleased with the broad-based improvement in key performance indicators for our main businesses.”
EBITDA was the highest result the company has achieved in the last three years. This, in turn, allowed the company a steady flow of free cash in the first half of the year.
On the other hand, gaming service revenue dropped $4m due to the heavy investments IGT has placed in gaming and interactive businesses in North America. That is easily topped with product sales revenue which is up 22% in comparison with the previous year.
We are yet to see the results of the next two quarters but judging by the success with which this year started, there is no doubt those results will be outstanding as well.
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