IGT reports a decline in October revenue

International Game Technology Plc has released its financial information for the third quarter and things could have been better. Its consolidated revenue for the quarter dipped by 5.4% year-on-year, coming in at $1.16 billion. During the same period last year, it had reported consolidated revenue of $1.22 billion. The good news is that its net income was $22.3 million, compared to a loss of around $803.6 during the period last year.

The company continued by stating that its debt had increased by the end of the quarter. As opposed to debt of $7.34 billion last year, it now has $7.57 billion in debt. Operating income came in at $200 million, while the period produced a loss of $556.1 million last year.

IGT’s adjusted earnings before EBITDA (earnings before interest, taxation, debt and amortization) were reported to be $443.3 million, an increase of just under 3.5% year-on-year. This increase was attributed to “strong Italy and global lottery performance,” according to the company.

IGT CEO Marco Sala stated in a press release, “Solid performance and important, long-term contracts drove very good third quarter and year-to-date results…The installed base of gaming machines was up, and unit shipments of gaming machines increased 10 percent… We are firmly on track to achieve our 2018 financial and operational goals.”