International Game Technology Earnings: Here’s Why Investors are Ambivalent Now
International Game Technology (NYSE:IGT) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
International Game Technology Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 43.48% to $0.33 in the quarter versus EPS of $0.23 in the year-earlier quarter.
Revenue: Rose 8.67% to $579 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: International Game Technology reported adjusted EPS income of $0.33 per share. By that measure, the company beat the mean analyst estimate of $0.31. It missed the average revenue estimate of $584.3 million.
Quoting Management: “We are pleased to report another quarter of strong financial performance demonstrated by growth in revenue, operating income and EPS,” said Patti Hart, CEO of IGT. “Our momentum continues and is bolstered by our focused attention on the execution of our business strategy and positive leverage from the broad distribution of our best-in-class content.”
Key Stats (on next page)…