International Game Technology 4Q beats estimates
LAS VEGAS (AP) — International Game Technology's shares soared in after-hours trading Thursday after the company reported fiscal fourth-quarter results and issued a full-year forecast that both topped market expectations.
The company, based in Las Vegas, sells gambling equipment and services.
International Game Technology reported net income of $88.1 million, or 33 cents per share, for the quarter that ended Sept. 30. That is compared with net income of $53.4 million, or 18 cents per share, in the same quarter last year. After adjusting for impairment and restructuring charges, along with other special items, it earned 38 cents per share versus 24 cents per share from continuing operations.
Its total revenue increased 17 percent to $631.1 million. That included a decline in gaming operations but an increase in revenue from product sales and its interactive business.
Analysts polled by FactSet were expecting the company to post adjusted earnings of 32 cents per share on revenue of $587.7 million.
International Game Technology said it expects to earn $1.20 to $1.30 per share from continuing operations in fiscal 2013. Analysts had forecast earnings of $1.18 cents per share.
The company's stock soared 92 cents, or 7 percent, to $13.75 after hours on the news.