IGT scores $195M profit in Q2, reversing 2017 quarterly loss

PROVIDENCE – International Game Technology PLC posted net income in the second quarter of $195.2 million, or 79 cents per diluted share, reversing a $252.2 million loss in the same 2017 period.

Revenue for the gaming and lottery multinational company fell 1.4 percent to $1.2 billion in the three months ended June 30. Currency fluctuations helped make the company results seem slightly better overall, with service and product revenue declining 3 percent on a constant currency basis year over year.

IGT’s company board of directors also declared a quarterly cash dividend of 20 cents per ordinary share for shareholders of record as of Aug. 14.

Cash flow from operations fell 62.9 percent year over year (based on a restated 2017 second quarter) to $120.2 million. And while the company made principal payments on long-term debt totaling $1.1 billion in the quarter, it also took on more long-term debt, leaving it with a long-term liability of $8.1 billion.

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