IGT reports Q1 2016 results

Highlights include:

- Adjusted EBITDA of $460 million; pro forma operating income up across all segments

- Strong global lottery growth, especially in North America and Italy; resilient global gaming revenues

- Adjusted EPS of $0.57; reported EPS of ($0.46) reflects non-cash foreign exchange impact

- Cash dividend declared of $0.20 per ordinary share

- Investor Day to be held on June 21-22, 2016

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The diversity of our product and geographic mix is a key element of our first quarter results, said Alberto Fornaro, company's CFO

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"We begin 2016 with a solid first quarter, evidenced by good revenue growth with all operating segments contributing to an improvement in profitability," said Marco Sala, CEO of IGT. "Continuing growth across all regions, especially North America and Italy, propelled our lottery revenues. Gaming revenues were resilient despite challenging market conditions in North America, our largest gaming market. We remain focused on reenergizing gaming operations and strengthening our global leadership in lotteries. We were successful in securing the Italian Lotto concession, one of our largest contracts and a cornerstone of our Italian operations."

"The diversity of our product and geographic mix is a key element of our first quarter results," said Alberto Fornaro, CFO of IGT. "Revenue growth, disciplined cost management, and synergy savings all contributed to sharp profit expansion. Even after large interest payments during the period, we generated significant free cash flow, enabling us to reduce debt in constant currency and further improve our leverage profile."

See the full report.