Boston, MA 08/01/2014 (wallstreetpr) – International Game Technology (NYSE:IGT) reported its third-quarter results on Wednesday. It reported net income of $72.1 million in the third quarter as compared to $65.7 million last year. The total revenue came lower at $468 million. It showed a drop of 19%. The social gaming revenue showed a growth of 17%. The Las Vegas-based company reported a rise of 7% in its average bookings per daily active user.
Acquisition process
International Game Technology (NYSE:IGT) is being acquired by Italy-based GTECH for $6.4 billion. The acquisition of IGT will complete in the next nine to twelve months. It won’t have any impact on the manufacturing operations of IGT in South Reno. Reno was established in 1970s. It will be held with the new-unnamed company. The new company will be headquartered in the United Kingdom. It will be listed on the NYSE.
The effective efforts
CEO, Patti Hart said that IGT witnessed an end to the strategic alternatives of IGT and its shareholders. The efforts were balanced that enable International Game Technology (NYSE:IGT) to focus on growth. It is visible on expanded gross margins and better-than- expected EPS performance. The cost management strategies were effective and resulted in improved efficiencies in a competitive environment. IGT is well positioned to capture the future market opportunities.
GTECH results
Apart from IGT, GTECH also reported its results on Thursday. The results are crucial as now both the companies are going to form a single new entity in the coming year. GTECH reiterated its full year guidance. The core earnings were slightly lower as compared to the previous quarter. The last quarter showed strong earnings due to the large order received from Canada. International Game Technology (NYSE:IGT)expects the full-year revenues to be in a range of 3.15-3.25 billion euros. The core earnings for full-year are expected to be higher in the range of 1.06-1.1 billion euros. GTECH is confident of achieving a full year guidance.
