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.
Also Read: Taiwan Semiconductor Poised For Surge, Goldman Sachs Predicts Rising Demand For Taipei-Traded Stock: Report
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.
Also Read:
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.