International Game Technology Earnings Cheat Sheet: Net Income Declines Year over Year
S&P 500 (NYSE:SPY) component International Game Technology (NYSE:IGT) reported its results for the third quarter. International Game Technology is a global gaming company that designs, manufactures and markets electronic gaming equipment and systems products.
International Game Technology Earnings Cheat Sheet for the Third Quarter
Results: Net income for International Game Technology fell to $86.9 million (29 cents per share) vs. $92.1 million (31 cents per share) a year earlier. This is a decline of 5.6% from the year earlier quarter.
Revenue: Rose 3% to $489 million from the year earlier quarter.
Actual vs. Wall St. Expectations: IGT reported adjusted net income of 26 cents per share. By that measure, the company beat the mean estimate of 22 cents per share. Analysts were expecting revenue of $487.4 million.
Quoting Management: “Our third quarter results further demonstrate the positive momentum generated by our new games, platforms and internal process improvements,” said Patti Hart, CEO of IGT. “We are expanding our business in new and existing markets around the world in a capital-efficient manner driven by our customer-first philosophy. The investments we are making today are expected to position the company to deliver continued revenue and earnings growth.”
The company has now topped analyst estimates for the last three quarters. It beat the mark by 3 cents in the second quarter and by one cent in the first quarter.
Competitors to Watch: WMS Industries Inc. (NYSE:WMS), Shuffle Master, Inc. (NASDAQ:SHFL), Multimedia Games, Inc. (NASDAQ:MGAM), GameTech International (NASDAQ:GMTC), Scientific Games Corp. (NASDAQ:SGMS), NanoTech Entertainment, Inc. (NTEK), Bally Technologies Inc. (NYSE:BYI), Gaming Partners Intl. Corp. (NASDAQ:GPIC).
(Source: Xignite Financials)