Published On: Tue, Mar 14th, 2017

IGT beat annual forecasts

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UPWARD GRAPHGaming Machine and games maker International Game Technology (IGT) reported annual profits of $233.3 million for 2016 with revenues for the year at $1.32 billion beating most analyst’s expectations.

Marco Sala, CEO of IGT, said: “We reached many important milestones in 2016. We reinforced our number one position in Lottery globally, achieving robust same-store revenue growth and securing valuable, multi-year contracts. We also made good progress with our Gaming turnaround, developing compelling new titles and hardware, in addition to expanding our International presence. We operate in growing global market segments and IGT has a long history of investing in innovation to create shareholder value.”

“We achieved our financial goals for 2016 and ended the year in strong financial condition,” said Alberto Fornaro, CFO of IGT. “Disciplined capital management enabled us to reduce our debt and improve our leverage profile despite the large upfront investment in the Italy Lotto. We expect 2017 to evolve as a year of two halves, with difficult comparisons in the first part of the year easing as we reach the second half.”

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