LOS ANGELES, Jan 21 (Reuters) - Slot-machine maker International Game Technology posted a 20 percent rise in quarterly profit on Thursday because of cost cuts and higher sales of replacement slots, sending its shares up 4 percent in after hours trading.
Speaking on a conference call, Chief Executive Patti Hart said she was 'cautiously optimistic' about casino budgets and spending plans for 2010, but she left IGT's earnings outlook for the current fiscal year unchanged at between 77 cents and 87 cents a share.
Analysts, on average, have forecast full-year earnings of 88 cents a share, according to Thomas Reuters I/B/E/S.
For the its fiscal first quarter ending in December, IGT posted net income of $73.3 million, or 25 cents a share, compared with $61.2 million, or 21 cents a share, a year earlier.
IGT, based in Reno, Nevada, said results from prior periods include new accounting standards adopted in the December quarter -- affecting items such as interest expense, earnings per share, long-term debt and shareholders' equity.
Quarterly revenue fell 14 percent to $515.7 million.
IGT shares, which closed at $20.20 on the New York Stock Exchange, were higher at $20.97 after hours.
(Reporting by Deena Beasley; editing by Robert MacMillan and Andre Grenon ) Keywords: IGT/ (deena.beasley@thomsonreuters.com +1-213-955-6746) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Speaking on a conference call, Chief Executive Patti Hart said she was 'cautiously optimistic' about casino budgets and spending plans for 2010, but she left IGT's earnings outlook for the current fiscal year unchanged at between 77 cents and 87 cents a share.
Analysts, on average, have forecast full-year earnings of 88 cents a share, according to Thomas Reuters I/B/E/S.
For the its fiscal first quarter ending in December, IGT posted net income of $73.3 million, or 25 cents a share, compared with $61.2 million, or 21 cents a share, a year earlier.
IGT, based in Reno, Nevada, said results from prior periods include new accounting standards adopted in the December quarter -- affecting items such as interest expense, earnings per share, long-term debt and shareholders' equity.
Quarterly revenue fell 14 percent to $515.7 million.
IGT shares, which closed at $20.20 on the New York Stock Exchange, were higher at $20.97 after hours.
(Reporting by Deena Beasley; editing by Robert MacMillan and Andre Grenon ) Keywords: IGT/ (deena.beasley@thomsonreuters.com +1-213-955-6746) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.