IGT Trims Workforce By 7%; Cuts FY14 Earnings Outlook

(RTTNews) - International Game Technology (IGT) said Tuesday that it is reducing its global workforce by 7% as part of cost-cutting measures to address the challenges facing the gaming industry and their related impact on the company.

The move is expected to result in cost savings of $30 million in the current fiscal year and an estimated $50 million on an annual run-rate basis, the company said..

The company also lowered its fiscal year 2014 guidance for adjusted earnings per share from continuing operations to a range of $1.00 to $1.10 from its prior outlook of $1.28 to $1.38.

The company also provided guidance for adjusted earnings per share from continuing operations of $0.17 to $0.19 for the second quarter of fiscal 2014.

Analysts polled by Thomson Reuters currently expect the company to earn $0.29 per share for the second quarter and $1.20 per share for the fiscal year 2014.