IGT Q1 Results Down; Now Sees FY25 Revenue, Adj. EBITDA At Low-end Of View - Update

(RTTNews) - International Game Technology Plc (IGT), while reporting lower first-quarter profit and revenues, on Tuesday said it now sees fiscal 2025 revenues and adjusted EBITDA at the low end of outlook range.

In the pre-market activity on the NYSE, IGT shares were gaining around 0.6 percent to trade at $17.99.

For fiscal 2025, the company now expects revenue of approximately $2.55 billion and adjusted EBITDA of approximately $1.10 billion, which align with the low end of the initial outlook ranges provided in February.

The outlook revision reflects the lower U.S. multi-state jackpot activity and the current worsening macroeconomic environment.

The company previously expected revenue of $2.55 billion to $2.65 billion, up low-mid single digits, and adjusted EBITDA of $1.10 billion to $1.15 billion, with global same-store sales growth in low-single-digits.

In fiscal 2024, the company's revenue was $2.5 billion and adjusted EBITDA was $1.17 billion.

Further, the company's Board of Directors declared a quarterly cash dividend of $0.20 per share, with record date of May 29 and payment date of June 12.

In its first quarter, IGT's bottom line came in at $27 million or $0.13 per share, compared with $82 million or $0.40 per share last year.

On a continuing operations basis, the company recorded loss per share of $0.11, compared to earnings per share of $0.35 in the prior year.

Adjusted earnings from continuing operations were $0.09 per share for the period, compared to $0.28 in the prior year.

The company's revenue for the period fell 11.8 percent to $583 million from $661 million last year.

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