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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
02/04/201608:01:00International Game Technology PLC Receives the Internet Responsible...
02/03/201606:45:00IGT Introduces House of Cards Slots to DoubleDown Casino
02/02/201606:45:00IGT Wins "Best User Experience in Mobile" at International Gaming...
02/01/201606:45:00IGT Unveils Full Suite of Interactive Gaming, Lottery, and Betting...
01/26/201606:45:00IGT Showcases Full Spectrum of Gaming Solutions at ICE Totally...
12/22/201516:31:00IGT Launches Content from Legacy GTECH Game Portfolio on DoubleDown...
12/21/201506:45:00IGT Slots Crown Four Millionaires in November
12/14/201516:31:00IGT Signs Agreement with Kaw Nation to Provide Systems and Games...
12/09/201506:45:00IGT Licenses Innovative Game Feature Patents to Gamesys
11/25/201516:31:00IGT Wheel of Fortune® Slots Deliver Largest Jackpot In New York...
11/23/201516:31:00IGT Slots Mint Four Millionaires in October
11/12/201506:45:00International Game Technology PLC Reports Third Quarter 2015...
11/10/201516:31:00International Game Technology PLC Declares Quarterly Cash Dividend...
11/05/201506:45:00IGT Introduces Wheel of Fortune® Slots to Online Real Money...
10/29/201516:31:00International Game Technology PLC to Report Third Quarter 2015...
10/20/201506:45:00IGT Signs Distribution Agreement with LUDI S.F.M. in France to...
10/15/201516:31:00IGT Senior Vice President, North America, Joseph (Jay) S. Gendron...
10/13/201506:45:00IGT Introduces Aurora, Its New, Comprehensive Solution for Lottery...
10/07/201506:45:00IGT Creates Mobile Player Convenience Apps for Rhode Island Lottery...
09/29/201518:05:00IGT and Lionsgate Unveil Orange Is the New Black Slots at G2E

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