IGT unveils Q4, full year 2016 results

Highlights include:

• Fourth quarter net income of $233 million; adjusted EBITDA of $422 million reflects broad-based lottery growth and higher gaming product sales
• 2016 net income of $211 million; adjusted 2016 EBITDA of $1,755 million on strong North America and Italy performance
• Net debt of $7,569 million at year end
• Cash dividend declared of $0.20 per ordinary share

"We reached many important milestones in 2016," said Marco Sala, CEO of IGT. "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."

See the complete report.