International Game Technology (IGT) - Get Report on Monday said first-quarter earnings rose from a year earlier amid strong demand for its physical gaming machines and global lottery offerings, including online gambling services.
The London-based gambling technology company posted first-quarter net income of $40 million, or 20 cents a share, compared to a loss of $103.1 million, or 51 cents a share, in the same period a year ago. On an adjusted basis, it earned 12 cents a share vs. 15 cents a share a year earlier.
Revenue came in at $1.14 billion vs. $1.21 billion in the year-earlier period. Adjusted earnings before income, taxes, depreciation and amortization slipped to $417 million from $436 million. Total debt outstanding dipped slightly to $7.71 billion from $7.76 billion.
"Our first quarter results confirm the consistent growth profile of our global lottery business and the progress we've made in sales of gaming machines, where global unit shipments increased 20%," CEO Marco Sala said in a statement.
The company reiterated its full-year adjusted EBITDA outlook of between $1.7 billion and $1.76 billion. Analysts are currently expecting full-year earnings of $1.28 a share.
Separately, the company announced a quarterly dividend of 20 cents a share.
Shares of ITG opened up 0.78% at $14.19 on the New York Stock Exchange. They ended the day Friday up 0.14% at $14.08.