International Game Technology has reported financial results for the second quarter ended June 30, 2020, revealing a net loss of $280m and adjusted net loss of $121m.
The company delivered $168m in adjusted EBITDA with important contribution from strict cost discipline. It also said it was on track to achieve $500m in 2020 cost reduction/avoidance and identified over $200m in longer-term, structural and discretionary cost savings.
“Our second quarter results reflect the intense impact of global lockdowns caused by the pandemic,” said Marco Sala, CEO of IGT. “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 resilience is a direct consequence of the diversity of our global portfolio of products and solutions. The improving trends we are currently seeing are encouraging, but we remain prudent with our planning. Our new organisational structure enhances our readiness to adapt to changes in market conditions.”
“Cash generation and liquidity remain our top financial priority,” said Max Chiara, CFO of IGT. “The proactive efficiency initiatives and focused capital markets activity we executed in the quarter have us tracking ahead of plan on all key measures and we expect to deliver positive free cash flow this fiscal year.
“We have the resources we need to navigate the impact Covid-19 is having on our business and we are making important, strategic decisions to enhance our operational flexibility. This includes over $200m in structural and discretionary cost savings compared to pre-pandemic levels.”