International Game Technology Q4 adjusted earnings Miss Estimates

Business News

International Game Technology saw its stock plunge after fourth-quarter earnings pushed investors to exit the shares.

IGT’s stock tumbled $2.07 – more than 12% – to $14.99 a share in trading Thursday after the company’s adjusted earnings of 24 cents a share came in below  expectations of 33 cents.

More than 6.4 million shares of the company changed hands Thursday, up from the stock’s average daily volume of 2.8 million.The company reported a loss in the quarter of $102 million after turning a profit of $79 million a year ago.

Revenue also decreased by 6%, falling to $1.27 billion from $1.36 billion the same time last year, but was in line with Wall Street estimates. IGT executives cited poor performance in its international segment for the decrease.

“Our 2018 results are in line with the improved outlook we provided in October. The year was characterized by strong global Lottery performance, resilience in Italy, and progress in North America Gaming,” IGT CEO Marco Sala said. “We’ve established solid foundations to build on – securing large, long-term Lottery contracts in key markets and executing a full refresh of our gaming machine cabinet and content portfolio. These efforts will translate into improved free cash flow beginning in 2019.”