International Game Tech 2Q Profit Up Absent Write-Down; Raises Year View

Date : 04/21/2011 @ 5:36PM
Source : Dow Jones News
Stock : International Game Technology Ordinary Shares (IGT)
Quote : 19.4644  0.7544 (4.03%) @ 2:14PM

International Game Tech 2Q Profit Up Absent Write-Down; Raises Year View

International Game Technology (NYSE:IGT)
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International Game Technology's (IGT) fiscal second-quarter profit jumped absent a prior-year write-down as the slot-machine maker reported slight top-line growth.

The results beat Wall Street expectations.

Shares rose 11% to $18.08 in after-hours trading. The stock had been down 16% over the past 12 months through Thursday's close.

The company also raised its full-year outlook to 84 cents to 90 cents a share, excluding a 4-cent adjustment from expected investment gains and tax benefits. International Game's January forecast called for 79 cents to 87 cents a share.

International Game has posted improved results of late by cutting costs, though revenue slid in the previous three quarters amid signs of a sustained slump in the U.S. gambling sector. Peers WMS Industries Inc. (WMS) and Bally Technologies Inc. (BYI) recently cut their outlooks due to soft demand, prompting analysts from Jefferies and Deutsche Bank to likewise lower their estimates on International Game.

For the quarter ended March 31, International Game reported a profit of $69.6 million, or 23 cents a share, up from about $700,000, or less than a penny a share, a year earlier. Excluding a write-down related to Alabama charitable bingo facilities and other items, the prior-year profit was 19 cents. Revenue grew 1.1% to $492.3 million.

Analysts polled by Thomson Reuters had expected a per-share profit of 20 cents on revenue of $479 million.

Product shipments grew 8.2% in the U.S. and 2.2% internationally.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

 
 

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