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

DOW JONES NEWSWIRES 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

Stock News for Internat Game (IGT)
DateTimeHeadline
06/27/201606:45:00IGT to Provide 1,500 New Video Lottery Terminals to Oregon Lottery
06/20/201617:28:24Report of Foreign Issuer (6-k)
06/20/201616:31:00IGT Expands Systems Solutions Offering in Mississippi
06/20/201606:45:00International Game Technology PLC to Webcast Investor Day Presentations
06/13/201606:45:00IGT Slots Crown Six Millionaires in May
06/06/201606:45:00IGT Honored at 2016 eGaming Review B2B Awards
06/01/201606:45:00IGT Announces Extension with Svenska Spel to Provide INTELLIGEN™ V...
05/31/201616:47:30Specialized Disclosure Report (sd)
05/31/201606:45:00IGT Leaders Recognized for Women in Gaming Awards
05/27/201606:45:00IGT Announces Long-Term Extension Agreement with Sächsische...
05/26/201606:51:38Report of Foreign Issuer (6-k)
05/26/201606:45:00International Game Technology PLC Reports First Quarter 2016...
05/25/201606:53:33Report of Foreign Issuer (6-k)
05/25/201606:50:00International Game Technology PLC Releases Notice of 2016 Annual...
05/23/201606:45:00IGT's Wheel of Fortune® Slots Award $1.3 Million Jackpot at...
05/17/201606:45:00IGT's DoubleDown Casino Launches The Ellen DeGeneres Show™ H...
05/05/201616:31:00International Game Technology PLC to Report First Quarter 2016...
05/05/201606:45:00IGT Wins Competitive Casino Management System Bid for Gray Wolf...
05/04/201606:45:00IGT Selected by Kickapoo Lucky Eagle Casino Hotel to Enhance...
05/03/201606:45:00IGT Introduces Market-Attuned Innovations at G2E Asia 2016

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