What’s Going On With International Game Technology Shares Today? – Intl Game Tech (NYSE:IGT)

What’s Going On With International Game Technology Shares Today? – Intl Game Tech (NYSE:IGT)

International Game Technology IGT shares are trading higher on Tuesday.

The company reported first-quarter adjusted earnings per share of 46 cents, beating the analyst consensus of 23 cents. Quarterly sales of $1.067 billion beat the street view of $1.029 billion.

Revenues increased 1% from the prior year, driven by Global Lottery growth, partially offset by Gaming & Digital product sales timing.

Global Lottery revenue rose 6% to $661 million, while Gaming & Digital slumped 7% to $406 million.

International Game registered a foreign exchange gain of $15 million in the quarter under review, compared to a $26 million loss in the prior year.

The company reported a net interest expense of $72 million compared to $70 million in the prior year.

IGT registered its first-quarter operating income of $256 million, in line with the prior year. Excluding Separation & divestiture costs, operating income rose to $273 million, and the margin increased 150 basis points to 25.6%.

The company registered an adjusted EBITDA of $443 million and an adjusted EBITDA margin of 41.5%.

In the quarter under review, total liquidity was $1.7 billion as of March-end, with $0.4 billion in unrestricted cash and $1.3 billion in additional borrowing capacity from undrawn credit facilities. Net debt was $5.2 billion compared to $5.1 billion at December 31, 2023.

Dividend: The company’s board of directors declared a quarterly cash dividend of 20 cents per common share, with a record date of May 30 and a payment date of June 13.

Outlook: IGT sees second-quarter revenue of ~$1.05 billion versus $1.09 billion estimate, with an operating income margin of 22%.

The company expects FY24 revenue of ~$4.4 billion (consensus $4.347 billion) against the prior forecast of $4.3 billion – $4.4 billion.

Price Action: IGT shares are trading higher by 4.12% to $20.85 at last check Tuesday.

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