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International Game Technology PLC Reports First Quarter 2020 Results

Monday 18 de May 2020 / 15:04

⏱ 2 min read

(London).- International Game Technology PLC ("IGT") (NYSE:IGT) today reported financial results for the first quarter ended March 31, 2020. Today, at 8:00 a.m. EDT, management will host a conference call and webcast to present the results; access details are provided below.

International Game Technology PLC Reports First Quarter 2020 Results

- Results affected by COVID-19-related lockdowns beginning in March- Revenue of $940 million, down 18% as global closure of casinos and gaming halls and widespread mobility restrictions significantly hinder service revenue generation- Net loss of $248 million includes $296 million non-cash goodwill impairment charge; achieved Adjusted EBITDA of $309 million- $2.2 billion in liquidity, comprised of $1.5 billion in unrestricted cash and $743 million in capacity under revolving credit facilities- Implementation of robust business continuity plans with cost reduction and capital spending avoidance initiatives to target $500 million in savings for 2020- Withdrawing 2020 profit outlook due to COVID-19 uncertainty

"After a solid start in the first two months of the year, we quickly shifted our focus to the global COVID-19 health crisis in March," said Marco Sala, CEO of IGT. "The safety and well-being of our people, customers, and communities have been our highest priority since day one. We implemented robust business continuity plans and maintain service levels at our normal, high standards. I am grateful for the passion and perseverance the entire IGT team has demonstrated during these unprecedented times and I am confident IGT is well positioned to emerge from the crisis a stronger, even more competitive organization."

"We've taken swift actions across all non-essential costs and are now switching our focus to structural cost savings initiatives. At the same time, we have adopted strict measures to preserve liquidity in the current environment," said Max Chiara, CFO of IGT. "Given the uncertainty created by COVID-19, we are withdrawing our previous financial outlook for 2020, but we are confident that with $2.2 billion of liquidity, we are geared with sound financial flexibility to weather the storm caused by the COVID-19 pandemic."

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