LONDON, Aug. 7, 2024 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) announced today that Nick Khin has been appointed as IGT President, Global Gaming. Khin previously served as IGT Chief Operating Officer and Senior Vice President, Gaming, since 2015.In his role as IGT President, Global Gaming, Khin is responsible for managing the IGT Global Gaming business unit, including studios, technology, sales, games and hardware, manufacturing and services, and systems. Khin reports to IGT CEO ...

Atlantis Casino Resort Spa and Monarch Casino Resort Spa are the latest gaming venues to power retail and mobile sports betting with IGT PlaySports technology LONDON, Aug. 5, 2024 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) announced today that it expanded its sports betting footprint in Nevada and Colorado through an IGT PlaySports™ technology and services agreement with Monarch Casino & Resort, Inc. (Nasdaq: MCRI). Per the agreement, the award-winning IGT PlaySports platform and ...

Financial Performance - Total revenue for Q2 2024 was $1,049 million, a slight decrease of 0.6% compared to $1,055 million in Q2 2023[14] - Net income attributable to IGT PLC for Q2 2024 was $42 million, down 8.7% from $46 million in Q2 2023[14] - Operating income for the first half of 2024 was $486 million, a decrease of 3.9% compared to $506 million in the same period of 2023[14] - As of June 30, 2024, total comprehensive income was $45 million, compared to $90 million for the same period in 2023, reflecting a decrease of 50%[22] - Net income for the six months ended June 30, 2024, was $42 million, down from $82 million for the same period in 2023, representing a decline of 48%[22] - Total revenue for the three months ended June 30, 2024, decreased by $6 million to $1,049 million, primarily due to lower gaming terminal sales volumes[91] - Total revenue for the six months ended June 30, 2024 was $2,117 million, a slight increase of $1 million or 0% compared to the prior year[119] Assets and Liabilities - Cash and cash equivalents decreased to $438 million as of June 30, 2024, down from $572 million at the end of 2023[12] - Total assets decreased to $10,042 million as of June 30, 2024, compared to $10,465 million at the end of 2023[12] - Total liabilities decreased to $8,166 million as of June 30, 2024, down from $8,513 million at the end of 2023[12] - The company’s total shareholders' equity decreased to $1,877 million as of June 30, 2024, down from $1,952 million at the end of 2023[12] - Total debt as of June 30, 2024, was $5,547 million, a decrease from $5,671 million at December 31, 2023[51] Cash Flow - The company reported a net cash provided by operating activities of $463 million for the first half of 2024, an increase from $345 million in the same period of 2023[19] - The Company used $180 million in net cash for investing activities during the six months ended June 30, 2024, a decrease of $10 million from $190 million in the prior year[156] - Cash flows used in financing activities totaled $433 million for the six months ended June 30, 2024, an increase of $129 million compared to $303 million in the same period of 2023[157] - Non-cash adjustments to net income for the six months ended June 30, 2024, were $376 million, down from $479 million in the prior year[154] - Changes in operating assets and liabilities resulted in cash outflows of $126 million for the six months ended June 30, 2024, compared to $292 million in 2023[155] Expenses - Research and development expenses for Q2 2024 were $53 million, a decrease of 11.7% from $60 million in Q2 2023[14] - Operating expenses for the three months ended June 30, 2024, included a $9 million increase in cost of services, primarily due to additional payroll and benefit costs[95] - Selling, general and administrative expenses decreased by $9 million, or 4%, primarily due to a reduction in outside service costs and incentive compensation[97] - Research and development expenses decreased by $7 million, or 12%, primarily due to higher capitalization of software development activities[98] - Separation and divestiture costs for the three months ended June 30, 2024, were $26 million, primarily related to activities necessary for the Transaction Agreements[99] Dividends and Shareholder Returns - Dividends declared for the three months ended June 30, 2024, were $40 million, unchanged from the same period in 2023[22] - The Company declared a quarterly cash dividend of $0.20 per share in both the first and second quarters of 2024[63] - The Board declared a quarterly cash dividend of $0.20 per share, totaling approximately $40 million, payable on August 27, 2024[64] Segment Performance - The Gaming & Digital segment generated $436 million in revenue for the three months ended June 30, 2024, compared to $432 million in the same period of 2023[71] - The operating income for the Gaming & Digital segment for the three months ended June 30, 2024, was $103 million, compared to $89 million in the same period of 2023[71] - Total service revenue for the three months ended June 30, 2024 was $586 million, a decrease of $2 million or 0% compared to the prior year[105] - Total service revenue in the Gaming & Digital segment increased to $250 million, a 2% increase from the prior year[111] - Lottery products revenue increased by $11 million, or 20%, from $57 million in 2023 to $69 million in 2024, primarily due to terminal and software deliveries[134] Future Outlook and Transactions - The company plans to divest its Gaming & Digital businesses to Apollo Global Management, which may impact future financial performance[7] - IGT Gaming is set to be acquired in an all-cash transaction valued at approximately $6.3 billion, with the Parent expected to receive about $4.05 billion in cash[77] - The Proposed Transaction with Everi is valued at $6.3 billion, with the Parent expected to receive approximately $4.05 billion in gross cash proceeds for IGT Gaming[86] - The transaction with Everi is expected to close by the end of the third quarter of 2025, subject to regulatory approvals[78] - The Company expects to present the operating results and cash flows of the IGT Gaming disposal group as discontinued operations starting in Q3 2024[79] Tax and Interest - The effective income tax rate for the three months ended June 30, 2024, was 45.7%, down from 48.9% in the same period of 2023[59] - Provision for income taxes decreased by $15 million, or 17%, primarily due to a lower valuation allowance related to U.S. business interest expense limitation carryforward[103] - Provision for income taxes decreased by $33 million, or 19%, from $173 million in 2023 to $141 million in 2024, driven by lower valuation allowances and tax liabilities[130] - Interest expense for the three months ended June 30, 2024, was $78 million, slightly up from $77 million in the same period of 2023[52] - Interest expense, net increased by $1 million to $73 million, primarily due to higher borrowings on the Revolving Credit Facilities[101]

International Game Technology PLC (NYSE:IGT) Q2 2024 Earnings Conference Call July 30, 2024 8:00 AM ET Company Participants James Hurley - Senior Vice President, Investor Relations Vince Sadusky - Chief Executive Officer Max Chiara - Chief Financial Officer Conference Call Participants Jeffrey Stantial - Stifel Barry Jonas - Truist Securities Chad Beynon - Macquarie David Katz - Jefferies Joe Stauff - Susquehanna David Hargreaves - Barclays Operator Thank you for standing by, and welcome to the Internationa ...

2024 2ªº QUARTER RESULTS Period ended June 30, 2024 2 Cautionary Statement Regarding Forward-Looking Statements This presentation may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters, including with respect to the proposed sale of the Gaming & Digital business to the Apollo Funds. These statements may discuss goals, intentio ...

International Game Technology (IGT) came out with quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.45 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 24.14%. A quarter ago, it was expected that this slot machine maker would post earnings of $0.29 per share when it actually produced earnings of $0.46, delivering a surprise of 58.62%.Over the last fou ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? International Game Technology (IGT) , which belongs to the Zacks Gaming industry, could be a great candidate to consider.When looking at the last two reports, this slot machine maker has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 41.53%, on average, in the last two quarters.For the last reported quart ...

Companies to Move Forward Under Private OwnershipEveri Stockholders to Receive $14.25 Per Share in Cash, Representing a Significant Premium for Stockholders; IGT to Receive $4.05 Billion of Gross Cash ProceedsLONDON and LAS VEGAS, July 26, 2024 /PRNewswire/ -- International Game Technology PLC (NYSE: IGT) ("IGT") and Everi Holdings Inc. (NYSE: EVRI) ("Everi") today announced that they have entered into definitive agreements whereby IGT's Gaming & Digital business ("IGT Gaming") and Everi will be simultaneou ...

Shares of International Game Technology (IGT) have gained 2% over the past four weeks to close the last trading session at $20.64, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $27 indicates a potential upside of 30.8%.The average comprises five short-term price targets ranging from a low of $23 to a high of $33, with a standard deviation of $4.42. While the lowest estimate in ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value ...