International Game Technology (NYSE:IGT) Announces Quarterly Earnings Results, Misses Expectations By $0.24 EPS

International Game Technology (NYSE:IGT - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.24), Briefing.com reports. International Game Technology had a net margin of 4.17% and a return on equity of 16.17%. The company had revenue of $587.00 million during the quarter, compared to analysts' expectations of $591.50 million. During the same quarter in the previous year, the business posted $0.52 EPS. The business's quarterly revenue was down 2.3% compared to the same quarter last year. International Game Technology updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

International Game Technology Stock Performance

Shares of IGT traded down $0.08 during midday trading on Wednesday, reaching $20.90. 848,023 shares of the stock were exchanged, compared to its average volume of 1,108,964. International Game Technology has a twelve month low of $18.90 and a twelve month high of $28.82. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.36 and a quick ratio of 0.71. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of 34.87 and a beta of 1.96. The business's 50-day moving average price is $21.05 and its 200 day moving average price is $20.93.

International Game Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 26th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.83%. The ex-dividend date is Tuesday, November 26th. International Game Technology's payout ratio is 133.34%.

Wall Street Analyst Weigh In

IGT has been the subject of several recent analyst reports. B. Riley reaffirmed a "buy" rating and set a $30.00 price objective on shares of International Game Technology in a research report on Friday, July 26th. Stifel Nicolaus upped their price objective on International Game Technology from $26.00 to $30.00 and gave the stock a "buy" rating in a research report on Wednesday, July 31st. Finally, StockNews.com raised International Game Technology from a "hold" rating to a "buy" rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $28.67.

About International Game Technology

International Game Technology PLC operates and provides gaming technology products and services in the United States, Canada, Italy, The United Kingdom, rest of Europe, and internationally. It operates through three segments: Global Lottery, Global Gaming, and PlayDigital. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and lottery authority; provides online lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services, as well as iLottery solutions and services.