International Game Technology Analysts Cut Their Forecasts Following Q4 Results

International Game Technology PLC IGT posted upbeat results for its fourth quarter on Tuesday.

The company reported fourth-quarter fiscal 2023 revenue growth of 3% year-on-year to $1.13 billion (2% Y/Y constant currencies), beating the consensus of $1.11 billion. The gaming technology firm registered an adjusted EPS of 56 cents, beating the consensus of 41 cents, according to data from Benzinga Pro.

The company’s board declared a quarterly cash dividend of $0.20 per share, payable on April 9, 2024, to record as of March 26, 2024.

Vince Sadusky, CEO of IGT, said, “We believe the recent determination to split the business and create separate lottery and gaming pure play companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders.”

For fiscal 2024, IGT expects revenue of $4.30 billion – $4.40 billion versus a consensus of $4.403 billion with an operating margin of 20% – 21%. IGT expects first-quarter revenue of ~$1.0 billion against the consensus of $1.077 billion.

IGT shares fell 6.2% to close at $23.58 on Tuesday.

These analysts made changes to their price targets on International Game Technology following merger news

• Truist Securities cut the price target on International Game Technology from $30 to $28. Truist Securities analyst Barry Jonas maintained a Hold rating.
• Stifel slashed the price target on International Game Technology from $30 to $26. Stifel analyst Jeffrey Stantial reiterated a Hold rating.

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