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International Game Tech’s Earnings Nearly Double
International Game Technology said its
first-quarter earnings almost doubled, helped by the sale of its online
The Reno, Nev.-based slot-machine maker earned $176.3 million, or 50
cents a share, in the three months ended Dec. 31, compared with earnings
of $91.6 million, or 26 cents a share, last year.
Excluding a $57.5 million gain related to the sale of IGT OnLine
Entertainment Systems and other charges, the company earned $116.7
million, or 33 cents a share, in the latest quarter, beating the
consensus earnings estimate of 29 cents a share compiled by Thomson
First Call. Revenue was $608.1 million, up 24% from last year and higher
than the $556.78 million analysts were expecting.
The record quarter was driven by the trend toward cashless slot
machines in casinos, which are replacing coin hoppers with paper slips
and saving on maintenance costs. Of the 46,100 units IGT sold worldwide
in the first quarter, 16,400 units were cashless slots. In the year-ago
quarter, IGT sold 29,700 units worldwide, 11,100 of them cashless slots.
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