Jul. 16, 2014, 9:14 AM
Jul. 10, 2014, 9:14 AM| 6 Comments
Jun. 13, 2014, 12:43 PM
- Holding company MacAndrews & Forbes is interested in bidding for IGT, as are P-E firms Apollo Global and Carlyle, Reuters reports.
- The news service reported on Monday IGT had "attracted interest from other gaming companies as well as private equity firms," but didn't give names.
- Scientific Games (SGMS) and Bally (BYI) are once more following IGT higher.
Jun. 9, 2014, 4:00 PM
- Reuters reports IGT (IGT +14.3%) has "attracted interest from other gaming companies as well as private equity firms," as it works with Morgan Stanley to explore a sale.
- Presentations for prospective buyers are reportedly being held. Sources caution uncertainty related to the selloff in IGT's shares could turn buyers away, and that a lengthy regulatory review process might await.
- Tumbling gaming product sales have and soft game operations revenue have led IGT to deliver multiple earnings disappointments. The company's interactive (social gaming) ops have fared better.
- Peers Scientific Games (SGMS +5.1%) and Bally (BYI +1%) have received sympathy bids.
- Earlier: IGT jumps on takeover talk
Jun. 9, 2014, 3:27 PM
Apr. 23, 2014, 2:07 PM
- IGT (IGT -10.4%) posted FQ2 EPS that was slightly above the guidance provided in a March 25 warning, and reiterated a forecast for FY14 (ends Sep. '14) EPS of $1-$1.10. But the company also reported gaming product sales (40% of revenue) fell 27% Y/Y to $202.6M, after having grown 4% in FQ1. Machine units recognized fell 45% to 7.9K, a reversal from FQ1's 20% growth.
- Gaming operations revenue fell 9% Y/Y to $230.4M (-8% in FQ1), with IGT's installed base falling 6% to 53.4K and yield declining 5% to $47; weaker MegaJackpots revenue is blamed.
- Interactive revenue rose 20% Y/Y to $79.8M (thanks to a 27% increase in social gaming revenue), but that's a slowdown from FQ1's 41%. DoubleDown's MAUs fell 1% to 6.2M after growing 26% in FQ1, but its bookings per DAU rose 16% to $0.43.
- Peers are also lower: BYI -3.9%. MGAM -2.1%. SGMS -4.1%.
- FQ2 results, PR, CC transcript
Apr. 23, 2014, 12:45 PM
Mar. 26, 2014, 9:14 AM
Mar. 25, 2014, 5:37 PM
Mar. 25, 2014, 4:33 PM
- 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.
Jan. 24, 2014, 4:19 PM
- International Game Technology (IGT -14.7%) tumbled to within striking distance of its 52-week low ($14.75) after missing FQ1 estimates and stating it its FY14 (ends Sep. '14) EPS is now "more likely" to be at the low of its prior guidance range of $1.28-$1.38, with "potential further downside risk." The consensus is already at $1.28.
- IGT's gaming ops (41% of revenue) remain under pressure: sales fell 8% Y/Y in FQ1 (lower North American MegaJackpots revenue is blamed) after dropping 6% in FQ4. The division's gross margin fell 200 bps to 61%, and its installed base 4% to 54.3K.
- Product sales (45% of revenue) managed to grow 4% after being flat in FQ4. Gross margin fell 100 bps to 52%. Interactive sales remain an area of strength, growing 41% on the back of 57% social gaming growth. Gross margin rose 500 bps to 63%, and monthly active users for IGT's DoubleDown social casino gaming unit rose 26% to 6.2M.
- IGT says it's "in the process of implementing a number of measures, including cost reductions," in response to its recent challenges.
- Peers Bally Technologies (BYI -5.9%), Multimedia Games (MGAM -3.8%), and Scientific Games (SGMS -8%) also fell sharply on a bad day for equities.
- IGT's CC transcript
Jan. 24, 2014, 9:10 AM
Jan. 23, 2014, 5:36 PM
Jan. 7, 2014, 9:55 AM
- LinkedIn (LNKD -1.5%) has been cut to Neutral by BofA/Merrill. Other sell-side firms have aired cautious notes in recent weeks.
- Workday (WDAY +2.9%) has been upgraded to Buy by UBS.
- Glu Mobile (GLUU +4.1%) has been upgraded to Buy by Craig-Hallum.
- IGT (IGT -0.8%) has been cut to Hold by Argus.
- STMicroelectronics (STM -2.7%) has been cut to Underweight by Barclays.
- 8x8 (EGHT +2.2%) has been started at Buy by Needham.
- Nimble Storage (NMBL +1%) has received three bullish ratings and three neutral ones on underwriter coverage day.
Nov. 5, 2013, 12:07 PM
- Robert Melendres, the VP in charge of IGT's (IGT -3.6%) emerging businesses (include online, mobile, and social gaming), has notified the company he plans to resign, effective Jan. 1. (8-K)
- CFO John Vandemore is taking over Melendres' job. Melendres reports to him for now.
- The disclosure comes ahead of IGT's Thursday FQ4 report. IGT's Interactive division (covers emerging businesses) posted FQ3 revenue of $72.5M, +69% Y/Y and equal to 12.5% of revenue.
Oct. 28, 2013, 9:52 AM
- Baidu (BIDU -1.5%) has been cut to Hold by BNP Paribas prior to tomorrow's Q3 report.
- ARM (ARMH -0.8%) has been cut to Hold by Benchmark six days after posting Q3 results. UBS cut shares to Neutral last Wednesday.
- Audience (ADNC -4.6%), meanwhile, has received a similar downgrade from Benchmark in advance of a Thursday Q3 report.
- Trimble (TRMB -2.7%) has been cut to Hold by Needham ahead of Thursday's Q3 report.
- AutoNavi (AMAP -1.9%) has been cut to Sector Perform by Pac Crest.
- DuPont Fabros (DFT -2.2%) has been cut to Neutral by Baird four days after delivering a Q3 beat.
- SolarCity (SCTY +1.3%) has been started at Outperform by Credit Suisse; Q3 results are due on Nov. 6.
- Ruckus (RKUS +1.5%) has been started at Outperform by Northland ahead of Wednesday's Q3 report.
- Gigamon (GIMO +1.3%) has been started at Outperform by William Blair; Q3 results arrive on Nov. 4.
- International Game Technology (IGT +2.8%) has been started at Buy by Citi.
IGT vs. ETF Alternatives
International Game Technology is a gaming company specializing in the design, development, manufacturing and marketing of casino-style gaming equipment, systems technology and game content across multiple platforms.
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