DOW JONES NEWSWIRES
International Game Technology (IGT) swung to a fiscal fourth-quarter profit on improved revenue.
But shares fell 2% to $15.99 in after-hours trading as the slot-machine maker's earnings fell short of Wall Street's expectations.
Chief Executive Patti Hart said the company improved margins and its balance sheet, generating more cash in the latest fiscal year. Now it plans to emphasize top-line growth and international expansion.
For the quarter ended Sept. 30, International Game reported a profit of $19.9 million, or 7 cents a share, compared with a year-earlier loss of $28.6 million, or 10 cents a share. Excluding such items as write-downs and investment losses, earnings were flat at 18 cents while revenue slid 3.2% to $496 million.
Analysts had estimated earnings of 19 cents on revenue of $488.2 million, according to a poll by Thomson Reuters.
Gross margin fell to 56% from 57%.
Product sales, which provided 46% of the total, ticked down 0.9%, while revenue from gaming operations declined 5.1%.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com