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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
05/20/201516:21:00IGT provides third-generation Wide Area Progressive at 10 Spielbanken...
05/18/201506:00:00IGT SPHINX 3D Game Wins "Best of Show" at Southern Gaming Summit
05/14/201513:05:00IGT Mints Two Millionaires and Pays More Than $3.8 Million in...
05/14/201506:00:00IGT's DoubleDown Casino Wins Big with Wheel of Fortune® Double...
05/13/201507:01:00International Game Technology PLC Reports First Quarter 2015...
05/11/201508:01:00International Game Technology Announces Final Results and Settlement...
05/07/201506:00:00IGT Megabucks® Awards Colossal $3.2 Million Jackpot at San Manuel...
05/06/201508:01:00International Game Technology achieves highest iGaming vendor...
05/05/201506:00:00IGT's Wheel of Fortune® Slots Make History with $2 Million Jackpot...
05/04/201506:00:00IGT's Wheel of Fortune® Slots Hit Big in Wisconsin with $1.8...
04/30/201517:01:00International Game Technology PLC To Host Results Conference...
04/29/201506:00:00IGT Showcases Winning Combination at G2E Asia 2015
04/28/201508:01:00International Game Technology Announces Receipt of Requisite...
04/27/201506:00:00IGT's Wheel of Fortune® Slots Elevate Winnings with $1 Million...
04/22/201506:00:00IGT's Wheel of Fortune® Slots Award $2.4 Million over Three...
04/17/201517:03:51Termination of Registration of a Class of Security Under Section...
04/15/201517:05:00International Game Technology Announced that GTECH Corporation...
04/14/201506:01:02Notice of Effectiveness (effect)
04/10/201516:51:32Current Report Filing (8-k)
04/10/201516:50:48Current Report Filing (8-k)

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