PROVIDENCE – Global gaming-machine and lottery company International Game Technology PLC’s fortunes showed what CEO Marco Sala called the start of a promising turnaround as operating income grew 40.5 percent year over year to $193.9 million in the fourth quarter. But a foreign exchange loss in the last three months of 2017 of $59.2 million, a reversal of a gain of $195.6 million in the same 2016 period, meant that net income for IGT in the period totaled $105.9 million, less than half the $249.4 million the company reported in the last quarter of 2016. Fourth-quarter revenue climbed 1.9 percent to $1.3 billion.
For the full year IGT posted a net loss of $947.5 million, or $5.26 per diluted share, compared with earnings of $264.2 million, or $1.05 per diluted share, in 2016. The losses included a $714 million non-cash impairment charge and a $444 million mostly non-cash net foreign exchange loss, according to IGT Thursday in its fourth-quarter and full-year financial report.
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For the year, revenue decreased 4.2 percent to $4.9 billion. Service revenue fell 5.6 percent to $4.1 billion, while product sales increased 3.1 percent to $802.4 million. The company reported that on a constant currency basis, total revenue for the year fell 5 percent.
“We had a strong finish to 2017, amplifying the progress we made throughout the year,” said Sala. “We delivered outstanding results in our lottery business and improved our key performance indicators in the gaming business. These achievements were enhanced by disciplined expense management. Bringing innovative content and technology to market remains the cornerstone of our strategy. Last year, we executed well along this path and established a solid foundation for growth in 2018 and beyond.”
