IGT's 1Q profit beats expectations

IGT says revenue gains helps boost 1Q profit by more than 30 percent

Associated Press

LAS VEGAS (AP) -- International Game Technology reported that improved revenue helped boost its fiscal first-quarter profit more than 30 percent.

The company, based in Las Vegas, makes gaming equipment and mobile game products.

IGT earned $65.3 million, or 24 cents per share, for the period that ended Dec. 31. This is compared with $49.3 million, or 16 cents per share, earned in the same quarter last year.

It earned 28 cents per share on an adjusted basis from continuing operations, versus 17 cents per share last year.

Revenue increased to $530.3 million from $445.5 million as interactive and product sales gains offset a decline in gaming operations.

Analysts polled by FactSet were expecting the company to earn an adjusted 24 cents per share on revenue of $524.4 million.

IGT CEO Patti Hart said the quarter provides a great start for the fiscal year and demonstrates that the company is moving in the right direction. She said IGT plans to build on that momentum by leveraging its core business, distributing its content more broadly and returning capital to shareholders.

The company reaffirmed its 2013 fiscal year forecast of adjusted earnings from continuing operations between $1.20 and $1.30 per share. Analysts had forecast earnings of $1.24 per share.

Shares of the company rose 2 cents in after-hours trading following the news. Its shares gained 21 cents to close regular trading at $15.22.

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