Gaming machines manufacturer and social gaming provider, International Game Technology (NYSE: IGT) reported fiscal second quarter results late last evening. The Company posted better-than-expected results and provided optimistic guidance for the full fiscal year.
For the fiscal second quarter, the Las Vegas, Nevada-based company reported a profit of $78.2 million or 29 cents a share compared to a profit of $61.9 million or 21 cents a share, in the year-earlier quarter.
On adjusted basis, net income stood at $95.1 million or 36 cents a share while analysts polled by Thomson Reuters were expecting earnings of 29 cents a share. Revenue during the quarter soared 11% to $600.0 million from $541.2 million, in the same quarter of last year. Analysts’ consensus estimate was for revenue of $571.61 million.
Revenue from social gaming division leaped 31% to $54 million while average revenue per daily user rose 19% to 37 cents.
Looking ahead at fiscal 2013, the Company now expects earnings to come in the range of $1.26 to $1.32 a share up from its earlier guidance of $1.20 to $1.30 a share.
“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. 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,” said Chief Executive Officer Patti Hart, in a statement to analysts during earnings call.
Several Wall Street’s equity research firms have commented on the stock in the recent past. On Tuesday analysts at Janney Montgomery in their research note, reiterated “buy” rating on the stock and set a price target of $19.25. On April 16th, analysts at JP Morgan Chase, in their research note maintained “neutral” rating on the stock with a price target of $16.
Currently, eleven equity research firms have “hold” rating on the stock, nine maintain “buy” rating while one firm holds “sell” rating on the stock. On average, the stock has “hold” rating and price target of $17.23.
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