What's Going On With International Game Technology Shares Today?
Portfolio Pulse from Nabaparna Bhattacharya
International Game Technology (NYSE:IGT) shares rose after reporting Q1 earnings and sales that beat analyst expectations. Earnings per share were 46 cents, surpassing the consensus of 23 cents, with sales of $1.067 billion exceeding forecasts of $1.029 billion. The company saw a 1% revenue increase year-over-year, driven by Global Lottery growth, despite a decline in Gaming & Digital sales. IGT also reported a foreign exchange gain and a steady operating income, with a slight increase in net interest expense. The board declared a quarterly dividend, and the company provided an optimistic revenue outlook for Q2 and FY24.
May 14, 2024 | 4:05 pm
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POSITIVE IMPACT
IGT shares surged following a strong Q1 earnings report, with earnings and sales surpassing analyst expectations. The company's growth was primarily driven by its Global Lottery segment, and it announced a positive revenue outlook for the coming quarters.
IGT's share price increase is directly attributed to its Q1 performance exceeding analyst expectations, particularly in earnings per share and total sales. The positive revenue outlook for Q2 and FY24, along with the declaration of a quarterly dividend, further supports investor optimism. The growth in the Global Lottery segment offsets the decline in Gaming & Digital, indicating a strong market position. The increase in net interest expense and net debt are concerns but are overshadowed by the overall positive financial health and growth prospects.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100