IGT Earnings: Here’s Why Investors are Bidding Up Shares
International Game Technology (NYSE:IGT) generated a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.20%.
International Game Technology Earnings Cheat Sheet
Results: Net income increased 32.45% to $65.3 million (24 cents per diluted share) in the quarter versus a net gain of $49.3 million in the year-earlier quarter.
Revenue: Rose 19.03% to $530.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: International Game Technology reported adjusted net income of 24 cents per share. By that measure, the company met the mean analyst estimate of $0.24. It beat the average revenue estimate of $529.27 million.
Quoting Management: “Our robust first quarter results – 19% revenue growth and a 65% increase in adjusted earnings per share from continuing operations – provide a great start toward what we expect will be our fourth consecutive year of double digit growth in adjusted earnings per share from continuing operations,” said Patti Hart, CEO of IGT…
“We believe our strong performance demonstrates that our strategy is working and that IGT is moving in the right direction. Through the remainder of fiscal 2013, we intend to build on this momentum by leveraging our core business, distributing our best-in-class content more broadly, and returning capital to shareholders.”
Revenue decreased 15.97% from $631.1 million in the previous quarter. Net income decreased 25.88% from $88.1 million in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.29 to a profit $0.31. For the current year, the average estimate has moved up from a profit of $1.14 to a profit of $1.22 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)