International Game Technology (NYSE:IGT) reported fourth-quarter adjusted earnings per share of 22 cents, missing the street view of 37 cents.
Quarterly sales of $651 million (down 4%) missed the analyst consensus of $657.84 million.
Sales fell as elevated U.S. multi-state jackpot activity in the prior year offset strong instant ticket and draw game same-store sales growth across jurisdictions.
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Italy saw a 7.0% increase in same-store sales.
Operating income fell 9% to $179 million while operating income margin contracted to 27.4% from 29.0%.
Adjusted EBITDA declined 8% to $290 million. The adjusted EBITDA margin decreased to 44.5% from 46.4% in the previous period.
International Game Technology's long-term debt, which is less current, pegs at $5.15 billion as of the quarter end. As of Dec. 31, the company reported total liquidity of $1.9 billion, including $584 million in unrestricted cash and $1.4 billion in available borrowing capacity from undrawn credit facilities.
2024 was a year of momentous transformation with the conclusion of the company’s strategic review and the sale of its Gaming & Digital business for $4.05 billion in cash, CEO Vince Sadusky noted.
Outlook: International Game Technology expects fiscal 2025 revenue of $2.55 billion-$2.65 billion, against the $2.55 billion estimate.
Price Action: IGT stock closed lower by 1.00% at $17.77 Monday.
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