PROVIDENCE – International Game Technology PLC this week reported a $282 million loss in the second quarter, or $1.37 per diluted share.
IGT said it posted a $39 million profit one year prior, 0.02 cents per diluted share and a $197 million loss in the first quarter of 2020, or $1.21 per diluted share.
Revenue declined 48% year over year to $637 million. The decline was attributed to the closure of casinos and gaming halls due to the COVID-19 pandemic, fewer unit shipments and lower system and software sales.
The company on Tuesday said that it has identified $200 million in structural cost savings that it expects to take effect in 2021, including eliminating duplicative functions and streamlining back-office activities, optimization of its supply chain and optimization of investments and research and development.
The company announced earlier in the year that it was furloughing staff, including roughly 320 Rhode Islanders, for an expected eight weeks starting on April 6.
North American gaming and interactive revenue declined 65% year over year to $96 million.
North America lottery revenue for the company totaled $273 million for the quarter, a 12% decline year over year.
“Our second quarter results reflect the intense impact of global lockdowns caused by the pandemic,” said Marco Sala, CEO of IGT. “That said, thanks to strong North America Lottery performance and our swift adoption of cost-saving and avoidance measures, we delivered better cash flow than we expected back in May. Our resilience is a direct consequence of the diversity of our global portfolio of products and solutions. The improving trends we are currently seeing are encouraging, but we remain prudent with our planning. Our new organizational structure enhances our readiness to adapt to changes in market conditions.”
