International Game Technology (IGT) on Thursday saw its shares slide over 7% after reporting fourth-quarter earnings of 24 cents per share, 7 cents shy of the Wall Street expectation. On a GAAP basis, the company swung to a loss of 50 cents per share from a profit of 39 cents per share in the year-over period.
Revenue fell 6% year-over-year to $1.27 billion, driven by Sports Betting dynamics in the prior year. However, the top line was in line with the street expectation.

Revenue from the North America Gaming and Interactive segment was $275 million, down 1% in a constant currency basis. The North American Lottery segment, meanwhile, grew 2% to $309 million. While revenue fell 18% in the International segment, in Italy, it was more or less flat compared to the same quarter last year.
For 2019, the UK-based firm expects adjusted EBITDA of $1.70 million to $1.76 billion. Capital expenditures for the same period are anticipated between $450 million and $550 million.
READ: Gaming stocks: A look at the three major players
CEO Marco Sala said, “We’ve established solid foundations to build on – securing large, long-term Lottery contracts in key markets and executing a full refresh of our gaming machine cabinet and content portfolio. These efforts will translate into improved free cash flow beginning in 2019.”
IGT shares have declined 38% in the trailing 52 weeks. Since the beginning of this year, the stock has gained over 3%.
Earnings Calendar: Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!
Most Popular
HD Stock: What’s in store for Home Depot after record second quarter
Home improvement is one of the top activities that kept Americans busy during the pandemic, a trend that enabled The Home Depot, Inc. (NYSE: HD) to beat the crisis and
Target (TGT) stock drops after Q2 earnings miss estimates; revenue up 4%
Department store chain Target Corporation (NYSE: TGT) reported a sharp decline in adjusted earnings for the second quarter of 2022, despite an increase in net sales. The bottom line also fell
Amazon (AMZN) stock remains a good bet despite poor results. Here’s why
Amazon.com, Inc. (NASDAQ: AMZN) became an inspiration for other players in the eCommerce sector as the online retailer successfully channelized its resources to tap into the spike in demand for