NEW YORK - International Game Technology PLC (NYSE:IGT) reported third quarter revenue that fell short of analyst expectations, but provided an optimistic outlook for the fourth quarter and full year 2024.
IGT's stock rose 0.23% in early trading following the earnings release.
The lottery and gaming company posted Q3 revenue of $587 million, down 2% year-over-year and below the consensus estimate of $594.33 million. Adjusted earnings per share came in at a loss of $0.02, missing analysts' expectations for a profit of $0.41 per share.
IGT's revenue decline was primarily driven by lower U.S. multi-state jackpot wager-based revenue, which fell 56% compared to the prior year period. However, this was partially offset by a 1% increase in instant ticket and draw wager-based revenue.
Despite the revenue miss, IGT provided upbeat guidance for the fourth quarter and full year. The company expects Q4 revenue between $640-$690 million, above the consensus of $632.04 million. For the full year 2024, IGT forecasts revenue of $2.5-$2.55 billion, ahead of analyst estimates of $2.51 billion.
"Our third-quarter and year-to-date performance underscores the strength and resilience of our business model marked by our scale, attractive margin structure, and strong cash generation," said CEO Vince Sadusky.
The company also noted that it generated $489 million in operating cash flow from continuing operations in the first nine months of 2024. IGT is in the process of selling its Gaming & Digital business for $4.05 billion in cash, which is expected to close by the end of Q3 2025.
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