International Game Technology Analysts Cut Their Forecasts Following Q4 Results
Portfolio Pulse from Avi Kapoor
International Game Technology PLC (IGT) reported Q4 fiscal 2023 revenue of $1.13 billion, a 3% increase Y/Y, surpassing the consensus of $1.11 billion. Adjusted EPS was 56 cents, beating the 41 cents consensus. A quarterly dividend of $0.20 per share was declared. For fiscal 2024, IGT forecasts revenue between $4.30 billion and $4.40 billion, with an operating margin of 20%-21%. However, IGT shares fell 6.2% after the announcement. Truist Securities and Stifel adjusted their price targets for IGT following the news.
March 13, 2024 | 1:06 pm
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NEGATIVE IMPACT
IGT reported higher than expected Q4 revenue and EPS, declared a dividend, but projected lower Q1 revenue than consensus. Shares fell 6.2%.
Despite beating Q4 expectations and declaring a dividend, IGT's share price fell due to a lower than expected Q1 revenue forecast. This suggests a short-term negative impact on the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100