GTECH revenue, profit fall on declining international sales

GTECH S.p.A. saw its total revenue decline 2 percent to €781.3 million ($1.08 billion based on the exchange rate of $1.38 per euro on March 31) during the first quarter of 2014, compared with €797.5 million ($1.1 billion) for the same period a year earlier. More

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GTECH revenue, profit fall on declining international sales

Posted 5/8/14

PROVIDENCE – GTECH S.p.A. saw its total revenue decline 2 percent to €781.3 million ($1.08 billion based on the exchange rate of $1.38 per euro on March 31) during the first quarter of 2014, compared with €797.5 million ($1.1 billion) for the same period a year earlier.

GTECH’s profit fell 6.5 percent to €81.5 million ($112.3 million) from €87.2 million ($120.1 million) the year before.

The Italian lottery company is divided into three segments – Americas, International and Italy – with the Americas segment headquartered in Providence under the subsidiary GTECH Corp.

The Americas segment showed a revenue increase in the first quarter, rising five-tenths of a percent to €244.4 million ($336.6 million) from €242.9 million ($334.6 million) during the same period in 2013. It was the company’s only segment to see an increase in revenue on a year-over-year basis for the quarter.

GTECH attributed the Americas-segment performance to strong growth in same-store revenue, which benefited from instant-ticket sales in California, Michigan and Georgia. GTECH also reported more service revenue from lottery management agreements in New Jersey and Indiana.

The company’s International segment saw revenue drop 11.9 percent in the first quarter to €75.6 million ($104.2 million) compared with €85.9 million ($118.3 million) a year earlier, a decline that GTECH attributed to lower machine gaming product sales in Europe and a change in contract terms with a customer.

The Italy segment reported €461.1 million ($635.2 million) in revenue for the three-month period, representing a decline of 1.6 percent from the €468.6 million ($645.4 million) posted in the same period last year. Growth in sports-betting revenue was offset by lower lotteries and machine gaming revenue.

“GTECH enjoyed a very good first quarter,” said Marco Sala, CEO of GTECH S.p.A. “Driven by healthy growth in the Americas and stable results in International and Italy, our first-quarter performance gives us confidence in our ability to meet our full-year guidance.”

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