IGT, Q2 Growth Outlook

International Game Technology reported net income on Thursday that beat Wall Street expectations, benefiting from sales and improved international rental operations.

IGT reported net income of $70 million, or 23 cents per share, for the fiscal second quarter ended March 31, compared to $26 million, or 8 cents per share, a year earlier.

Q2 revenue rose 1% to $492 million, 56% of which came from the gaming business and 44% from revenue, compared to $487 million a year earlier.

Analysts polled by Yahoo Finance expected earnings of 20 cents per share and earnings of $480.3 million.

“Our Q2 results reflect the progress we are making to move IGT to a position of greater financial strength,” said Patti Hart, IGT President and CEO. “We continue to demonstrate the leverage of our operating model with strong performance in yields.”

Hart said the challenging business environment remains, but the near- and long-term outlook for the company is improving. 안전놀이터

In a conference call with analysts, she said she expected the company’s modest revenue growth to continue for the rest of the year and into 2012. Hart said the improvement in second-quarter numbers was “a reflection of our profitability improvement.”

Consolidated gross profit for the quarter rose to $292 million compared to $272 million in the second quarter of the year. The 7% increase was attributed to improved product sales.

Q2 product sales revenue was $215 million, up 4% from $277 million a year earlier. Meanwhile, gaming business revenue totaled $278 million, compared to $280 million a year earlier.

IGT, headquartered in Reno but maintaining a large corporate presence in Las Vegas, is a global gaming company that designs, manufactures, and markets electronic gaming equipment and system products.

IGT shares closed 32 cents, or 2%, at $16.33 on the New York Stock Exchange on Thursday with a modest trade of 4.03 million shares.

Leave a Reply

Your email address will not be published. Required fields are marked *