International Game Technology PLC (NYSE:IGT) stock fell 5.09% (As on March 13, 11:20:31 AM UTC-4, Source: Google Finance) after the company gave guidance for the upcoming quarters that did not meet analyst projections. Further, conclusion of strategic review communicated on 2/29/24; Global Gaming and PlayDigital businesses to be spun off and combined with Everi Holdings, Inc., creating a comprehensive global gaming and fintech enterprise; at closing, IGT shareholders are expected to own approximately 54% of the combined company. Total liquidity of $1.8 billion as of December 31, 2023; $572 million in unrestricted cash and $1.2 billion in additional borrowing capacity. Net debt of $5.1 billion, down $0.1 billion from $5.2 billion at December 31, 2022; Net debt leverage improved to 2.9x, the lowest level in Company history, compared to 3.1x at December 31, 2022. Net income of $27 million for the quarter versus net loss of $31 million in the prior-year period.

Moreover, for the fourth quarter, Global Lottery revenue of $681 million, up 7% from $639 million in the prior year, driven by strong product sales and Italy same-store sales growth. Global Gaming revenue of $390 million, in line with the prior year, as higher terminal product sales revenue and increased intellectual property revenue were offset by lower systems sales. PlayDigital revenue of $59 million compared to $65 million in the prior year, due to a one-time benefit related to jackpot expense in the prior year and lower sports betting volumes and hold rates in Rhode Island in the current year

IGT in the fourth quarter of FY 23 has reported the adjusted earnings per share of 56 cents, beating the analysts’ estimates for the adjusted earnings per share of 52 cents. The company had reported the adjusted revenue growth of 3 percent to $1.13 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $1.11 billion. Operating income of $256 million, up 11% from $230 million in the prior year; operating income margin increased 160 basis points to 22.7% with growth across business segments.

Looking forward, IGT provided guidance for the first quarter of 2024 with an expected revenue of approximately $1 billion, which falls below the analyst consensus of $1.07 billion. For the full year 2024, the company anticipates revenue to be between $4.3 billion and $4.4 billion, significantly lower than the consensus estimate of $6.93 billion.