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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
05/05/201616:31:00International 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
05/02/201616:31:00IGT Posts 2015 Annual Report
04/25/201606:45:00IGT and Paradise Entertainment Sign Electronic Table Games Patent...
04/21/201606:45:00IGT Jackpot Legacy Enriched by Lucky Player's $12 Million Win
04/20/201616:31:00IGT Deploys Enhanced Casino Management System Solutions at Cadillac...
04/18/201606:45:00IGT Signs Systems Agreement with Yakama Nation Legends Casino
04/15/201607:24:00Agenzia delle Dogane e dei Monopoli Announces Provisional Award...
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...

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