International Game Technology Earnings: Snaps Cold Streak with Profit Growth
S&P 500 (NYSE:SPY) component International Game Technology (NYSE:IGT) reported its results for the fourth quarter. International Game Technology is a global gaming company that designs, manufactures and markets electronic gaming equipment and systems products.
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International Game Technology Earnings Cheat Sheet
Results: Net income for International Game Technology rose to $88.1 million (33 cents per share) vs. $53.4 million (18 cents per share) in the same quarter a year earlier. This marks a rise of 65% from the year-earlier quarter.
Revenue: Rose 16.9% to $631 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: International Game Technology beat the mean analyst estimate of 32 cents per share. It beat the average revenue estimate of $563.8 million.
Quoting Management: “Our strong fourth quarter financial results serve to highlight a very solid fiscal year 2012 for IGT. In the quarter, we leveraged our industry-leading content to increase revenues, ship share, margins and prices in our core North American business,” said Patti Hart, CEO of IGT.
Last quarter’s profit increase breaks a three-quarter run of year-over-year profit decreases. In the third quarter, net income fell 46.4% from the year earlier, while the figure dropped 11.1% in the second quarter and 33.1% in the first quarter.
Revenue has now gone up in each of the last three quarters. In the third quarter, revenue rose 9% to $532.8 million while the figure rose 9.9% in the second quarter from the year earlier.
The company topped expectations last quarter after falling short of forecasts in the third quarter with net income of 23 cents versus a mean estimate of net income of 28 cents per share.
Looking Forward: The average estimate for the first quarter of the next fiscal year remains unchanged at 24 cents a share. For the fiscal year, the average estimate has moved up from 97 cents a share to 98 cents over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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