Tech stock to watch: International Game Technology Ordinary Shares (NYSE: IGT)

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International Game Technology Ordinary Shares (NYSE: IGT) stock surged over 12.2% on November 14th, 2017 (As of 11:58AM EST; Source: Google finance) post their solid third quarter of 2017 performance.

International Game Technology’s North America Gaming & Interactive division Product sales revenue surged 20% yoy to $91 million in the third quarter of 2017 boosted by large software and system sales. The segment shipped 3,597 gaming machine units during the quarter from 5,238 units in pcp but Average selling price per unit was higher, driven by demand for new cabinets.

The group’s North America Lottery revenue of $307 million is in line with pcp, which comprised a major incentive contribution from the New Jersey Lottery. But after adjusting for the timing of the New Jersey contribution, the segment’s revenue enhanced 9% on a yoy basis. Lottery same-store revenue surged 9.4% during the period as compared to 6.3% rise in the prior year, driven by broad-based strength in draw-based games, instant tickets, and multi-state jackpots.

International revenue surged 9% yoy to $234 million in the third quarter of 2017, and was up 8% on a constant currency basis. Product sales revenue enhanced 5% to $87 million, driven by gaming system and Lottery software sales. Gaming terminal sales shipped a total of 2,809 gaming machine units during the third quarter of 2017 which is a fall from 3,742 units in the prior-year period.

Global lottery same-store revenue (excluding Italy) enhanced 6.8% during the third quarter of 2017 driven by broad-based strength in North America. Italy lottery wagers (Excluding late numbers) enhanced 6% driven by 10eLotto as well as Scratch & Win.

The group has a Cash of $300 million as of September 30, 2017, from $294 million in December 31, 2016. They controlled their Net debt to $7,335 million as of September 30, 2017, from $7,569 million as of December 31, 2016.

For FY17, the group forecasts to achieve adjusted EBITDA of $1,640-$1,680 million for the full-year period.

 

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