International Game Tech (IGT) Tops Q1 EPS by 4c, Withdraws Guidance

International Game Tech (NYSE: IGT) reported Q1 EPS of $0.08, $0.04 better than the analyst estimate of $0.04. Revenue for the quarter came in at $940 million versus the consensus estimate of $1.01 billion.

COVID-19 Update: Withdrawing 2020 outlook

• The Company is withdrawing its previous 2020 outlook due to COVID-19 uncertainty
• IGT's highest priority remains the safety and well-being of its employees, customers, and communities during this challenging time
• 2020: about $500 million in cost savings / capital spending avoidance have been identified to help mitigate the impact of COVID-19; actions taken include:
• Temporary, company-wide salary reductions; cancellation of 2020 salary increases and short-term incentive compensation programs; furloughs and hiring freeze
• Significant reductions in discretionary costs such as marketing, travel, and outside services
• Over one-third reduction in planned maintenance capital expenditures for the balance of the year

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

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