Seeking Alpha

IGT cuts guidance, announces layoffs; shares -7.2% AH

  • IGT now expects FY14 (ends Sep. '14) EPS of $1-$1.10, below prior guidance of $1.28-$1.38 and a $1.20 consensus. FQ2 guidance is for EPS of $0.17-$0.19, below a $0.29 consensus. (PR)
  • The gaming machine maker says it saw "a sharp decline in North American gross gaming revenues," and "further degradation in the international currency, compliance, and importation environment."
  • IGT also says it's cutting 7% of its 5K-employee workforce. The cuts are expected to yield cost savings of $50M/year. Nonetheless, the company will continue spending $200M/year on R&D.
  • CC at 8:30AM ET tomorrow.
Comments (2)
  • buffett222
    , contributor
    Comments (777) | Send Message
     
    I dont trust IGT management after their internet "non-disclosures" last quarter, and frankly that was the only reason I owned the name.

     

    Happy I sold higher. Looks like it could really get crushed.
    25 Mar, 05:05 PM Reply Like
  • ricky4642
    , contributor
    Comment (1) | Send Message
     
    this is a crummy company which has been consistently inaccurate with its forward
    looking views; probable fair market value now: 10-12
    26 Mar, 02:07 AM Reply Like
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