Las Vegas Sun

March 28, 2024

Slot maker IGT sees big jump in 2Q earnings

Slot machine maker International Game Technology posted a big jump in net income in its fiscal second quarter as it did not repeat an impairment charge that marred the same period a year earlier. It also boosted its annual earnings guidance and shares soared more than 9 percent.

Net income hit $69.6 million, or 23 cents per share, compared to $700,000, or break even on a per-share basis, a year ago.

In the year-ago period, IGT booked a one-time $53 million impairment charge based on questions about the legality of its electronic bingo operations in Alabama.

In the most recent period, there were no adjustments. The results beat the average forecast of analysts polled by FactSet of 20 cents per share.

Revenue crept up 1 percent to $492 million from $487 million a year ago. That also beat the $482 million in revenue expected by analysts.

CEO Patti Hart said that although the company remains “in a challenging environment, the near and long-term outlooks for the company are improving.”

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