International Game Tech Swings To 4Q Profit On Cost-Cutting

Date : 11/09/2010 @ 5:40PM
Source : Dow Jones News
Stock : International Game Technology Ordinary Shares (IGT)
Quote : 23.46  -0.1 (-0.42%) @ 4:02PM

International Game Tech Swings To 4Q Profit On Cost-Cutting

International Game Technology (NYSE:IGT)
Historical Stock Chart

5 Years : From Sep 2012 to Sep 2017

Click Here for more International Game Technology Charts.
   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

 
 

Latest IGT Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.