International Game Tech (IGT) Misses Q4 EPS by $1.23, Revenues Miss
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International Game Tech (NYSE: IGT) reported Q4 EPS of ($1.18), $1.23 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $885 million versus the consensus estimate of $935.02 million.
"The solid results we achieved for this pandemic-impacted year have given us momentum into 2021. They are a result of the vision, agility, and discipline of the IGT team as well as the distinct advantages of our diverse portfolio," said Marco Sala, CEO of IGT. "We also made important strategic progress. The Company undertook a comprehensive reorganization to sharpen our focus on our core competencies and drive structural operational efficiencies. This provides a clear path to increasing shareholder value as we build on our leadership positions with a stronger revenue and profit growth profile."
"We generated $866 million in cash from operating activities during the year, among the highest level in five years, primarily driven by resilient Global Lottery performance and rigorous cost and invested capital controls," said Max Chiara, CFO of IGT. "Liquidity improved more than $300 million to over $2.7 billion. As a leaner, stronger Company, we expect leverage to return to pre-pandemic levels in the next 12-18 months."
For earnings history and earnings-related data on International Game Tech (IGT) click here.
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