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For example, IGT said it slashed its debt burden by $1.4 billion in the final three months of 2021, driving net leverage to 3.5x — the lowest level in company history. That also means it achieved its 2022-end leverage target a year early.<\/p>\n<\/div>\n
Additionally, the lottery operator generated $1 billion in cash flow from operations and $770 million in free cash flow last year.<\/strong><\/p>\n\u201cImproving leverage to 3.5x a year ahead of schedule enables us to pursue a balanced capital allocation framework that supports investing for growth, continued debt reduction, and the reinstatement of capital returns through quarterly dividends and share repurchases,” said CFO Max Chiara.<\/p>\n
IGT repurchased $40 million worth of its own shares during the fourth quarter.<\/p>\n
Lottery Business Steady, Too<\/h2>\n
IGT’s often underappreciated lottery business, one of the largest of its kind, was again solid in the fourth quarter.<\/p>\n
\u201cGlobal Lottery was inline with expectations, with adjusted EBITDA of $336M coming in inline to our at-Consensus $336M. Net revenues of $687M were +6 percent\/+4 percent to our model\/Consensus, while margins of 48.9 percent were below our 52.3 percent and Street’s 50.6 percent likely reflecting mix shift as well as potential inflationary pressure,\u201d <\/strong>adds Stantial.<\/p>\nLottery assets are cash generators and desirable in the investment community, but often don\u2019t get full credit when the parent company has other lines of business, as is the case with IGT.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shares of International Game Technology (NYSE:IGT) are plunging Tuesday. That’s despite the slot machine manufacturer issuing first-quarter and full-year guidance that, at the high end of the ranges, exceeds consensus estimates. In midday trading, IGT stock is lower by 15.12 percent on volume that’s already more than triple the daily average. The company forecast revenue […]<\/p>\n","protected":false},"author":46,"featured_media":203261,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13699],"tags":[],"acf":[],"yoast_head":"\n
IGT Stock Slides On Inline Q1, 2022 Revnue Guidance<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n