IGT reports loss in 2Q

IN ITS first time reporting earnings as a single company, International Game Technology PLC reported a loss of $112 million, or 59 cents per diluted share, in the second quarter.
IN ITS first time reporting earnings as a single company, International Game Technology PLC reported a loss of $112 million, or 59 cents per diluted share, in the second quarter.

PROVIDENCE – In its first time reporting earnings as a single company, International Game Technology PLC reported a loss of $112 million, or 59 cents per diluted share, in the second quarter.
The company, which merged with GTECH in April, reported profit of $55 million during the year-ago period. It said results were adversely impacted by the dollar’s strength compared to the euro.
Sales increased 36.4 percent to $1.29 billion, compared with $945 million during second quarter 2014.
IGT said that as a result of the merger, several items affect the comparability of the reported results, as financial information for the second quarter includes results of operations for GTECH for the entire period and those of “legacy” IGT from the date of the acquisition. Reported financial information for 2014 second quarter only includes GTECH’s operations.
However, pro forma figures represent combined results of both companies last year. When the pro forma figure is used, revenue decreased 9 percent to $1.29 billion from $1.4 billion a year earlier.
“We are pleased to report for the first time as a single company,” Marco Sala, CEO of IGT, said in a statement. “As anticipated, our second quarter results reflect the stable growth characteristics of our global lottery operations and a meaningful sequential improvement in our gaming operations.
“We have accomplished a lot in the past four months, notably organizing ourselves under a single leadership team and consolidating our manufacturing footprint. There is much more ahead of us. In this year of transformation, we will continue to focus on integration to provide a solid foundation for future growth and value creation.”

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