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…