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Mode Mobile

Mode is disrupting the $1T+ smartphone market by turning smartphones into revenue streams for users. Join the EarnPhone revolution by investing in Deloitte’s #1 fastest-growing software company with 32,481% 3-year revenue growth, $60M+ in lifetime revenue, and partnerships with Best Buy, Walmart, Amazon, & Target.

Rad Intel

RAD Intel is an AI marketing intelligence platform that ensures brands engage in the right spaces before trends take off. More specifically, RAD’s AI-driven marketing intelligence platform helps brands predict what will work before it happens—identifying key topics, themes, content, and full campaigns.

Kingscrowd

Kingscrowd is building the Bloomberg data provider of the digital private markets. Our vision is to own the worlds private market data. 

Masterworks

Invest in multimillion dollar art by names like Banksy, Picasso, and Monet with shares

International Game Technology&nbsp;IGT shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading higher on Tuesday.</a>



The company reported first-quarter adjusted earnings per share of 46 cents,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n38810432/international-game-technology-plc-reports-first-quarter-2024-results" rel="noreferrer noopener">beating the analyst consensus of 23 cents</a>. Quarterly sales of $1.067 billion&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beat the street view of $1.029 billion.</a>



Revenues increased 1% from the prior year, driven by Global Lottery growth, partially offset by Gaming &amp; Digital product sales timing.



Global Lottery revenue rose 6% to $661 million, while Gaming &amp; Digital slumped 7% to $406 million.



International Game registered a foreign exchange gain of $15&nbsp;million in the quarter under review, compared to a $26&nbsp;million loss in the prior year.



The company reported a net interest expense of&nbsp;$72 million&nbsp;compared to $70&nbsp;million in the prior year.



IGT registered its first-quarter operating income of&nbsp;$256 million,&nbsp;in line with the prior year. Excluding Separation &amp; divestiture costs, operating income rose to $273 million, and the margin increased 150 basis points to&nbsp;25.6%.



The company registered an adjusted EBITDA of&nbsp;$443 million&nbsp;and an adjusted EBITDA margin of 41.5%.



In the quarter under review, total liquidity was&nbsp;$1.7&nbsp;billion as of March-end, with&nbsp;$0.4&nbsp;billion in unrestricted cash and&nbsp;$1.3&nbsp;billion in additional borrowing capacity from undrawn credit facilities. Net debt was $5.2 billion&nbsp;compared to&nbsp;$5.1 billion&nbsp;at December&nbsp;31, 2023.



Dividend:&nbsp;The company&#8217;s board of directors declared a quarterly cash dividend of&nbsp;20 cents per common share, with a record date of&nbsp;May 30 and a&nbsp;payment date of&nbsp;June 13.



Outlook:&nbsp;IGT sees second-quarter revenue of ~$1.05 billion versus $1.09 billion estimate,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">with an operating income margin of 22%</a>.



The company expects FY24 revenue of&nbsp;~$4.4 billion (consensus $4.347 billion) against the prior forecast of $4.3 billion&nbsp;&#8211;&nbsp;$4.4 billion.



Price Action:&nbsp;IGT shares are trading higher by 4.12% to $20.85&nbsp;at last check Tuesday.

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IGT shares surge as Q1 earnings surpass expectations, driven by strong Global Lottery growth and improved operating margins, with a positive dividend announcement and optimistic FY24 outlook.

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