IGT grows quarterly revenue as profits decline
Slot machine maker International Game Technology grew revenue 36 percent in the second quarter but saw a decline in profits as the now London-based company reported its first full earnings since merging with lottery giant GTECH Holdings in a $6.4 billion deal in April.
In the quarter that ended June 30, the combined company said its net income of $116 million declined 32 percent from a year ago. The results translated into a net loss per share of 59 cents. Overall revenue for IGT was $1.29 million for the combined company.
In a statement, IGT CEO Marco Sala said the quarterly results reflect the stable growth in the lottery operations and "a meaningful sequential improvement" on the slot machine side of the busines.
"We have accomplished a lot in the past four months, notably organizing ourselves under a single leadership team and consolidating our manufacturing footprint," Sala said. "There is much more ahead of us."
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.
