International Game Tech (IGT) Misses Q2 EPS by 4c, Offers Outlook

International Game Tech (NYSE: IGT) reported Q2 EPS of $0.43, $0.04 worse than the analyst estimate of $0.47. Revenue for the quarter came in at $1.29 billion versus the consensus estimate of $1.26 billion.

Outlook

The Company continues to expect adjusted EBITDA of $1,740-$1,790 million for the full year 2016 period. Capital expenditures excluding upfront Lotto concession payments are now expected to be $550-$580 million, which includes Lotto-related infrastructure upgrades. This compares to previous guidance of $575-$625 million in capital expenditures, which did not include an estimated $35 million in Lotto-related infrastructure investments. The 2016 portion of the Lotto-related, upfront concession payments is €600 million. Net debt is still expected to be $7,700-$7,900 million at the end of 2016.

Adjusted EBITDA is a non-GAAP measure. Management uses non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate the Company's financial performance. Management believes these Non-GAAP financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of business trends.

For earnings history and earnings-related data on International Game Tech (IGT) click here.

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