IGT, which has corporate headquarters in both Las Vegas and Reno, said its net income was $62.4 million in the quarter that ended March 31, down 8 percent from the same quarter in 2011. The results drove earnings per share of 21 cents, down from 22 cents a year ago. The company’s net income has fallen for two quarters in a row – in the first quarter, net income fell 33.1 percent from the year-earlier quarter.
IGT grew revenues 13 percent in the quarter to $541.2 million, compared with $477 million in the second quarter of 2011.
“As expected, our financial results are strengthening as we move through the fiscal year; evidenced by our growth in both revenues and earnings in our second quarter,” said Patti Hart, Chief Executive Officer for IGT.
“Every aspect of our business is providing a meaningful contribution to our strong financial performance. It’s gratifying to see the effort of our employees and the proficiency of our strategic investments generating returns for our shareholders.”
The company said $300 million of the overall revenues came from the gaming operations division, which includes slot machines that IGT shares gaming revenues with the casinos. Revenues for the quarter jumped 11 percent in the division, “primarily due to increases in the interactive businesses and installed base.”
The outlook based on current expectations and the operating results for the second quarter of fiscal 2012, the company is raising its fiscal year 2012 guidance for adjusted earnings from continuing operations to $0.98 to $1.04 per share.
International Game Technology (NYSE: IGT) is a global leader in the design, development and manufacture of gaming machines and systems products, as well as online and mobile gaming solutions for regulated markets.
Reported by Maggie B.