IGT reports significant decline in quarterly earnings

Nov 11, 2013 7:06 PM

Shares of America’s largest gaming machine manufacturer, International Game Technology (IGT) fell sharply last week after the company reported a significant decline in quarterly earnings.

The company said its earnings for the period that ended on Sept. 30 declined to $63.5 million or $0.24 per share from last year’s $88.1 million or $0.33 per share.

Revenues during the period moved up slightly to $632.3 from the $631 reported in 2012.

The tally for the company’s fiscal year came to a profit of $272.3 million or $1.03 per share. For the coming fiscal year, the company projected earnings of between $1.28 and $1.38 per share.

Ray Poirier is the longtime executive editor at GamingToday.

Contact Ray at [email protected].

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