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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
11/21/201606:51:10Report of Foreign Issuer (6-k)
11/21/201606:45:00International Game Technology PLC Reports Third Quarter 2016...
11/15/201616:31:00IGT Wheel of Fortune® Slots Award $1.5 Million Jackpot at Harrah's...
11/10/201606:45:00IGT Recognized By CDP For Environmental Stewardship
11/08/201606:45:00IGT Acquires Assets From Leap Forward Gaming, Inc.
11/02/201616:31:00International Game Technology PLC to Report Third Quarter 2016...
10/31/201606:45:00IGT Signs Seven-Year Contract Extension With The Georgia Lottery...
10/19/201606:45:00IGT Signs Cross-Licensing Agreement With Everi Games Holding...
10/17/201606:45:00IGT Signs Six-Year Contract Extension With The Texas Lottery...
10/03/201606:45:00IGT Reaches Cross-Licensing Agreement With Aristocrat
09/30/201606:45:00International Game Technology PLC Settles Pre-Merger Whistleblower...
09/29/201611:48:39Griffin Capital Essential Asset REIT II Acquires IGT’s North A...
09/27/201616:31:00IGT Casino Management Systems Selected for Lucky Dragon Hotel...
09/27/201606:45:00IGT Wins "Land-Based Industry Supplier of the Year" and "Casino...
09/26/201616:31:00IGT Cardless Connect Technology Selected to Modernize M life...
09/26/201606:45:00IGT Unveils Major New Innovations at G2E 2016 Including SPHINX...
09/22/201606:45:00IGT Announces Four-Year Extension with Svenska Spel for Multichannel...
09/20/201606:45:00IGT Demonstrates "Innovation at Play" at G2E 2016
09/12/201606:45:00IGT and BCLC Introduce Powerbucks Omni-Channel Jackpot
09/12/201606:45:00IGT and BCLC Introduce Powerbucks Omni-Channel Jackpot

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