International Game Technology Shares Plunge as Q3 Results Miss View (IGT)

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Electronic gaming equipment maker International Game Technology ( IGT ) on Thursday said it swung to the third quarter profit, but results missed analyst expectations, sending its shares lower in premarket trading.

The Reno, NV-based company reported third quarter net income of $20 million, or 7 cents per share, compared with a net loss of $29 million, or -10 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 18 cents per share.

Revenue fell 3% from last year to $496 million.

On average, Wall Street analysts expected a slightly higher adjusted profit of 19 cents per share, on matching revenue of $496 million.

IGT shares fell 82 cents, or -5%, in premarket trading Wednesday.

The Bottom Line
Shares of International Game Technology ( IGT ) have a 1.47% dividend yield, based on last night's closing stock price of $16.32. The stock has technical support in the $14 price area. If the shares can firm up, we see overhead resistance around the $18-$19 price level.

International Game Technology ( IGT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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