International Game Technology (IGT), the London-based gambling technology company has posted a $40 million net income for the first quarter of 2019.
The company has attributed the rise in its income to the strong demand for its physical gaming machines and global lottery offerings, including online casino and gambling services.
The company’s net income was $40 million, which is 20 cents a share. In the first quarter of 2018, the company had lost $103.1 million which was over 50 cents a share.
The company posted total revenue of $1.14 billion while it was $1.21 billion for the same period the previous year.
IGT’s adjusted earnings before income, taxes, depreciation, and amortization dropped from $436 million to $417 million. Also, its total debt outstanding was down to $7.71 billion from $7.76 billion.
Talking about the first quarter result the company’s CEO Marco Sala said, “Our first quarter results confirm the consistent growth profile of our global lottery business and the progress we’ve made in sales of gaming machines, where global unit shipments increased 20%.”
The company estimates it adjusted EBITDA for the full year to be between $1.7 billion and $1.76 billion.
Earlier in March, IGT had posted net loss of US$21.4 million for 2018 while the net loss for the year 2017 was approximately US$1.07-billion. The IGT had reported a 2 percent decline in their revenue for 2018 as it fell from US$4.83 billion in 2017 to US$4.94 billion.