Categories Consumer, Earnings, LATEST

International Game Technology’s Q1 results miss expectations

International Game Technology (NYSE: IGT) missed market estimates on revenue and earnings for the first quarter of 2019. Shares gained 1.9% in premarket hours on Monday.

Total revenues were $1.14 billion, down 5% on a reported basis, and 1% on a constant currency basis, compared to the year-ago period. Revenues reflected a 20% increase in global gaming machine unit shipments and stable lottery revenue.  

Net income attributable to IGT was $40 million, or $0.20 per share, compared to a net loss of $103 million, or $0.51 per share, in the prior-year quarter. Adjusted net income was $24 million, or $0.12 per share.

In the North America Gaming & Interactive segment, revenues of $240 million remained stable with the prior year at constant currency. Gaming service revenue totaled $155 million, also stable with the prior year. Total machines shipped saw an increase of 8.3% year-over-year.

In North America Lottery, revenues totaled $296 million, flat with the year-ago quarter. Lottery service revenue also remained flat at $241 million. The segment saw a growth in overall same-store revenue, driven by instant ticket and draw games.  

International revenue was down 1% at $172 million in constant currency. Lottery service revenue grew 3% to $70 million. Gaming service revenue dropped 15% due to lower interactive revenue and reduced contribution from installed base.    

Revenues from Italy were $437 million, down 2% in constant currency. Lottery service revenue grew 3% to $204 million while gaming service revenue dropped 13% to $153 million on a constant currency basis.   

For 2019, the company expects adjusted EBITDA of $1.70 billion to $1.76 billion and capital expenditures of $450 million to $550 million.  

The company declared a quarterly cash dividend of $0.20 per share, payable on June 17 to shareholders of record on June 3.  

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