International Game Technology PLC (IGT) has reported a 217.44 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $233.32 million, or $1.15 a share in the quarter, compared with $73.50 million, or $0.37 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $179.17 million, or $0.88 a share compared with $127.34 million or $0.63 a share, a year ago.

Revenue during the quarter dropped 3.20 percent to $1,321.22 million from $1,364.96 million in the previous year period. Gross margin for the quarter expanded 46 basis points over the previous year period to 37.87 percent. Total expenses were 89.56 percent of quarterly revenues, down from 90.36 percent for the same period last year. This has led to an improvement of 81 basis points in operating margin to 10.44 percent.

Operating income for the quarter was $137.99 million, compared with $131.56 million in the previous year period.

However, the adjusted operating income for the quarter stood at $280.62 million compared to $293.43 million in the prior year period. At the same time, adjusted operating margin contracted 26 basis points in the quarter to 21.24 percent from 21.50 percent in the last year period.

"We reached many important milestones in 2016, "said Marco Sala, chief executive officer 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."

The company has spent $1,020 million cash to meet investing activities during the year as against cash outgo of $3,361.52 million in the last year. It has incurred net capital expenditure of $371.44 million on net basis during the year, up 115.89 percent or $199.39 million from year ago.

The company has spent $312.14 million cash to carry out financing activities during the year as against cash inflow of $2,920.17 million in the last year period.

Cash and cash equivalents stood at $294.09 million as on Dec. 31, 2016, down 53.13 percent or $333.39 million from $627.48 million on Dec. 31, 2015.

Debt comes down
International Game Technology PLC has recorded a decline in total debt over the last one year. It stood at $7,863.16 million as on Dec. 31, 2016, down 5.65 percent or $471.01 million from $8,334.17 million on Dec. 31, 2015. Interest coverage ratio improved to 1.19 for the quarter from 1.10 for the same period last year.