Boost in slot machine sales fuels IGT’s strong quarter
Riding a wave of North American slot machine sales, both on new and replacement units, Las Vegas-based International Game Technology reported double-digit percentage increases in revenue, operating income and earnings per share today.
The company, which has most of its manufacturing operations in Reno, saw its adjusted operating income climb 20 percent to $95.1 million, 36 cents a share, on revenue of $600 million for the company’s second quarter, which ended March 31. For the comparable quarter a year ago, the company reported adjusted operating income of $79.5 million, 27 cents a share, on revenue of $541.2 million.
“We are very pleased with our momentum through the second quarter, demonstrating the strength of our comprehensive strategy — leveraging our core business, broadening the distribution of our premier content and generating shareholder returns,” Patti Hart, CEO of IGT, said in a release issued with earnings results.
“As we continue to deliver on this strategy, we expect that this will be our fourth consecutive year of double-digit growth in adjusted earnings per share from continuing operations,” she said.
North American product sales increased by 25 percent over last year and the company sold 8,400 replacement machines there, a 68 percent increase over last year.
The company develops a wide variety of themed slot machines based on popular television and movie themes. IGT has produced “Wheel of Fortune,” as well as games based on characters from “Family Guy,” “Judge Judy” and “Star Wars.”
The company’s results beat analysts’ estimates by 7 cents a share.