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IGT Does Not Perform as Expected

International Game Technology made money, but not enough to satisfy them according to the slot machine company. IGT said that their second quarter earnings rose, but revenue declined. This was unexpected as Wall Street had predicted much higher returns for the company.

Their shares came down 4.4%, even though they announced that the board had increased share buyback authorization by 50 million shares. Their net income was up from $124 million to $128.2 million, which although does not seem a large jump was significant enough.

IGT ended up posting at $0.34 a share instead of the $0.36 that experts predicted they would. They have seen a somewhat predicted trend in the slot machine sales as they start to slow down. With many slot machines going to paper tickets, there was a need to swap out a lot of the older coin driven slot machines with new ones.

However, now that most of those slot machines have been replaced, the company is starting to see business taper off again after such a large surge in sales. As it is still a difficult market, they need to concentrate on their international sales to help them out of any slump they may feel they are in.

Their second quarter revenue fell 5.4% and their product sales dropped from $333.2 million to $268.8 million. However, a bright spot, their slot machine gaming revenue went from $311.2 million to $341.1 million. Some analysts felt their stock could post as high as $0.40 a share, but with that not having happened many think next month could pick up instead.

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