International Game Tech (IGT) Misses Q2 EPS by 17c, Sales Beat

International Game Tech (NYSE: IGT) reported Q2 EPS of $0.15, $0.17 worse than the analyst estimate of $0.32. Revenue for the quarter came in at $1.22 billion versus the consensus estimate of $1.2 billion.

"Our second quarter results reflect strong key performance indicators for both our global Lottery and Gaming businesses," said Marco Sala, CEO of IGT. "Lottery growth is benefiting from innovation and effective sales and product marketing initiatives. In Gaming, the global installed base was up and unit sales of gaming machines were higher, as were average selling prices, all supported by strong demand for new cabinets. Overall, we are pleased with the results of the first half, and we expect a more robust product offer to support stronger sales and profit levels in the second half of the year."

"We've made a lot of good progress on many levels so far this year," said Alberto Fornaro, CFO of IGT. "We are lowering our debt and we are enhancing cash generation through disciplined asset and financial management. We are maintaining our outlook for adjusted EBITDA and net debt for the year, and have modestly reduced capital expenditures to account for certain timing shifts.:

For earnings history and earnings-related data on International Game Tech (IGT) click here.

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