IGT reports Q2 loss of $280m, revenue down 48%
Share price falls as supplier cannot avoid impact of coronavirus pandemic.
IGT has reported a 48% year-on-year revenue fall to $637m for Q2, with adjusted EBITDA also dropping 63% to $168m for the trading period.
While IGT possesses a considerable digital arm, it is still heavily involved in the land-based casino market, inevitably forcing a dip in business as a result of the COVID-19 pandemic.
The supplier also reported net loss of $280m for Q2, with adjusted net loss standing at $121m.
However, liquidity and net debt improved, as $107m was generated in free cash flow, while the company is “on track” to achieve $500m in 2020 cost reduction/avoidance.
Despite a rise in share price when IGT recently agreed an extension to its deal with operator FanDuel, IGT’s stock has fallen from $10.56 to $9.99 per share following its Q2 release.
IGT CEO Marco Sala said: “Our second quarter results reflect the intense impact of global lockdowns caused by the pandemic.
“That said, thanks to strong North America Lottery performance and our swift adoption of cost-saving and avoidance measures, we delivered better cash flow than we expected back in May.
“Our new organizational structure enhances our readiness to adapt to changes in market conditions.”
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