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

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

Stock News for Internat Game (IGT)
DateTimeHeadline
04/25/201606:45:00IGT and Paradise Entertainment Sign Electronic Table Games Patent...
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04/18/201606:45:00IGT Signs Systems Agreement with Yakama Nation Legends Casino
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04/07/201606:45:00IGT and Seminole Hard Rock Hotel & Casino Tampa Launch Spin Ferno...
04/06/201606:45:00IGT Enters into Agreement with Station Casinos to Provide Enhanced...
03/29/201616:31:00IGT Signs Seven-Year Contract with the Virginia Lottery to Provide...
03/24/201606:45:00IGT Delivers More Million Dollar-Plus Jackpots in February
03/17/201606:45:00International Game Technology PLC Reports Fourth Quarter And...
03/16/201611:19:00International Game Technology PLC Subsidiary Lottomatica Enters...
03/14/201606:45:00IGT Selected as Casino Management System Provider for Little...
03/11/201616:31:00IGT to Participate in Macquarie and Telsey Advisory Group Conferences...
03/11/201608:01:00IGT Signs 10+-Year Agreement with the North Carolina Education...
03/08/201606:45:00IGT Features Compelling Product and Content Portfolio at Indian...
03/07/201608:01:00IGT Signs Four-Year Contract Extension with the Michigan Lottery...
03/01/201616:31:00IGT's Wheel of Fortune® Slots Continue Jackpot-Paying Legacy...
02/22/201608:01:00International Game Technology PLC to Report Fourth Quarter and...
02/16/201616:31:00Carnival Cruise Line And IGT Commemorate 20 Years Of Wheel Of...
02/10/201616:31:00International Game Technology PLC Announced that its Subsidiary...

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