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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
03/23/201706:45:00IGT Signs Agreement To Provide New Zealand Lotteries Commission...
03/20/201706:45:00IGT Honored in Casino Journal's Top 20 Most Innovative Gaming...
03/13/201716:31:00IGT Signs Agreement With Western Canada Lottery Corporation To...
03/13/201706:45:00IGT Receives the Internet Responsible Gambling Compliance Assessment...
03/09/201706:51:33Report of Foreign Issuer (6-k)
03/09/201706:46:18Report of Foreign Issuer (6-k)
03/09/201706:45:00International Game Technology PLC Reports Fourth Quarter And...
03/09/201706:40:00International Game Technology PLC Announces Appointment Of Heather...
02/21/201706:45:00International Game Technology PLC to Report Fourth Quarter and...
02/16/201706:45:00IGT Megabucks® Awards $5 Million Jackpot at Spa Resort Casino...
02/08/201706:45:00IGT Announces Eight-Year Contract Extension With SYNOT Group...
02/07/201716:31:00IGT Wins "Casino Equipment Supplier" at the 10th Annual International...
02/07/201706:45:00IGT Wins Contracts With Norsk Tipping To Provide Interactive...
01/24/201706:45:00IGT Extends "Innovation at Play" to ICE Totally Gaming 2017
01/23/201706:45:00International Game Technology PLC Announces Production On A New...
01/18/201716:31:00IGT Wins Seven-Year Contract To Provide Video Lottery Terminals...
01/18/201706:45:00IGT Signs New Five-Year Private Operator Contract With Coljuegos...
01/17/201716:31:00IGT To Provide Loto-Québec With Gemini Touch Lottery Product...
01/17/201706:45:00IGT Signs Agreement With Société De La Loterie Suisse Romande T...
01/04/201716:38:00IGT Extends Contract To Provide Instant Ticket Printing Services...

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