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International Game Tech's 3Q Net Drops 5.6%; View Raised Again

DOW JONES NEWSWIRES International Game Technology (IGT) reported Tuesday its fiscal third-quarter profit slipped 5.6% from a year-earlier result that had been bolstered by tax gains, while core earnings rose faster than expected on higher product sales. The slot-machine maker also raised its full-year earnings outlook for the second time, calling for an adjusted profit from continuing operations of between 89 cents and 93 cents a share, up from its April forecast of 84 cents to 90 cents. Shares jumped 4.6% to $18.92 after hours. The stock only had gained 2.3% this year through Tuesday's close, underperforming the broader market. International Game has posted improving core results over the past year as gambling activity rebounds in the wake of the recession. A ruling earlier this month from Illinois Supreme Court cleared the way for more video-gaming machines at bars and restaurants in the state, further improving the company's growth prospects. "Our third quarter results further demonstrate the positive momentum generated by our new games, platforms and internal process improvements," Chief Executive Patti Hart said. The company last month authorized a buyback of up to $500 million in common stock, joining a growing list of companies opting to reward shareholders by tapping into cash stockpiles. For the quarter ended June 30, International Game reported a profit of $86.9 million, or 29 cents a share, down from $92.1 million, or 31 cents a share, a year earlier. Excluding prior-year tax gains and other items, earnings from continuing operations rose to 26 cents from 21 cents. Revenue grew 3% to $489 million. Analysts polled by Thomson Reuters expected a 22-cent per-share profit on revenue of $487 million. Revenue from gaming operations--which include machines that the company places in casinos and shares revenue with the operator--edged down 0.6%, while product sales of machines that the company sells outright climbed 7.6%. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Internat Game (IGT)
DateTimeHeadline
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...
03/07/201608:01:00IGT Signs Four-Year Contract Extension with the Michigan Lottery...
03/01/201616:31:00IGT's Wheel of Fortune® Slots Continue Jackpot-Paying Legacy...
02/22/201608:01:00International Game Technology PLC to Report Fourth Quarter and...

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