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.