International Game Technology Earnings: Here’s Why Investors are Buying Shares Now
International Game Technology (NYSE:IGT) delivered a profit and beat 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 1.27%.
International Game Technology Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 33.33% to $0.36 in the quarter versus EPS of $0.27 in the year-earlier quarter.
Revenue: Rose 10.86% to $600 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: International Game Technology reported adjusted EPS income of $0.36 per share. By that measure, the company beat the mean analyst estimate of $0.29. It beat the average revenue estimate of $571.61 million.
Quoting Management: “We are very pleased with our momentum through the second quarter, demonstrating the strength of our comprehensive strategy – leveraging our core business, broadening the distribution of our premier content, and generating shareholder returns,” said Patti Hart, CEO of IGT. “As we continue to deliver on this strategy, we expect that this will be our fourth consecutive year of double digit growth in adjusted earnings per share from continuing operations.”
Key Stats (on next page)…
Revenue increased 13.14% from $530.3 million in the previous quarter. EPS increased 28.57% from $0.28 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.31 and has not changed. For the current year, the average estimate has moved up from a profit of $1.24 to a profit of $1.26 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)