International Game Technology (NYSE:IGT) shares are trading lower after releasing results for the second quarter.
The company reported quarterly adjusted earnings per share of 36 cents, beating the analyst consensus of 32 cents.
Second-quarter revenues of $1.049 billion missed the street view of $1.059 billion, as strength in Gaming & Digital is offset by elevated prior year product sales in Global Lottery.
International Game Technology said it generated over $460 million in cash from operations and over $260 million in free cash flow in the first half of the year.
Adjusted EBITDA was stable at $446 million, and Adjusted EBITDA margin expanded by 30 basis points.
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“The recently announced sale of our Gaming & Digital business for $4.05 billion in cash is an important step in unlocking the intrinsic value of IGT’s best-in-class businesses,” said Vince Sadusky, CEO.
Global Lottery revenue of $613 million decreased 2% year-over-year, primarily due to a multi-year software license sale in the prior year.
Gaming & Digital revenue of $436 million was up 1% versus the prior year.
Total liquidity of $1.7 billion as of June 30, 2024; $0.4 billion in unrestricted cash and $1.3 billion in additional borrowing capacity from undrawn credit facilities.
International Game Technology declared a quarterly cash dividend of $0.20 per common share (payment date of Aug. 27, 2024).
Due to the planned sale of the Gaming & Digital business, the company expects to classify and report Gaming & Digital results as discontinued operations beginning in the third quarter of 2024.
As a result, International Game Technology is withdrawing its previously provided full-year financial outlook.
Price Action: IGT shares are trading lower by 3.16% to $22.71 at last check Tuesday.
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