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International Game Technology swings to loss in Q1

International Game Technology PLC said its normalized net income for the first quarter came to a loss of 16 euro cents per share, compared with the S&P Capital IQ consensus estimate of 50 cents per share.

The per-share result swung to a loss from the prior-year profit of 64 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €26.5 million, compared with income of €111.1 million in the year-earlier period.

The normalized profit margin declined to negative 2.7% from 10.7% in the year-earlier period.

Total revenue fell 16.3% on an annual basis to €867.7 million from €1.04 billion, and total operating expenses fell 11.5% year over year to €696.5 million from €787.1 million.

Reported net income totaled a loss of €28.9 million, or a loss of 17 cents per share, compared to income of €104.7 million, or 60 cents per share, in the year-earlier period.