Scientific Games (SGMS) Q2 Loss Widens Y/Y, Revenues Flat
Zacks Investment Research | Aug 05, 2019 10:26PM ET
Scientific Games Corporation (NASDAQ:SGMS) reported second-quarter 2019 loss of 83 cents per share, much wider than the year-ago quarter’s loss of 6 cents.
The wider loss was primarily attributed to higher debt refinancing expenses and remeasurement of debt.
Revenues were $845 million, flat year over year. Growth in Lottery, SciPlay and Digital segments was fully offset by lower Gaming revenues.
Services revenues increased 4.3% to $457 million. Product sales declined 7.4% to $238 million. Instant products revenues were flat year over year.
The Zacks Consensus Estimate for revenues and earnings was pegged at $860 million and 2 cents, respectively.
Scientific Games shares decreased almost 1.1% to close at $20.55 on Aug 2, following dismal second-quarter 2019 results. However, shares rebounded 2.8% to close at $21.13 on Aug 5.
Shares have returned 18.2% year to date compared with the Zacks Investment Research
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