International Game Technology Misses Q3 Earnings Due To Restructuring Costs, Jackpot Sales Are Down

International Game Technology (NYSE:IGT) reported third-quarter adjusted earnings per share of 2 cents loss, missing the street view of 21 cents earnings.

Quarterly sales of $587 million (down 2%) missed the analyst consensus of $591.5 million.

Sales fell as there was elevated U.S. multi-state jackpot activity in the prior year. This apart, the quarterly revenues was weighed by $38 million restructuring charge associated with proactively optimizing general and administrative, and operating activities following transformational actions over the last several years.

In the quarter under review, the company announced the sale of Gaming & Digital business to funds managed by affiliates of Apollo Global Management, Inc. for $4.05 billion in cash.

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