IGT 2Q profit falls 67 percent as slot sales slow

Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 4/23 12:48 pm

LAS VEGAS (AP) — Gambling equipment maker International Game Technology says its second-quarter net income fell 67 percent as sales of slot machines declined and the company faced competition from smaller vendors.

The Las Vegas-based maker of slot machines and online gaming systems on Tuesday reported net income of $25.7 million, or 10 cents per share, for the quarter that ended on March 31. That's compared with $78.2 million, or 29 cents per share, in the same quarter last year.

IGT earned 20 cents per share when excluding special items such as acquisition costs. That beat analysts' projection by a penny, according to FactSet.

Revenue dropped 15 percent to $512.8 million. Wall Street anticipated $498.8 million.

IGT says its U.S. gambling revenue has declined more than expected.

Shares fell 10 percent in Wednesday trading.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share
0 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

No comments yet!
NEWSCASTS ON DEMAND

What's On

All content © Copyright 2014 Intermountain West Communications Company. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.
You may also view our Sitemap

Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.