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International Game Technology swings to profit in Q2

International Game Technology PLC said its normalized net income for the second quarter amounted to 42 cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

The per-share result swung to a profit from the prior-year loss of 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $84.9 million, compared with a loss of $57.6 million in the prior-year period.

The normalized profit margin increased to 6.6% from negative 4.5% in the year-earlier period.

Total revenue came to $1.29 billion, compared with $1.27 billion in the prior-year period, and total operating expenses totaled $1.11 billion, compared with $1.11 billion in the prior-year period.

Reported net income totaled $72.6 million, or 36 cents per share, compared to a loss of $116.3 million, or a loss of 59 cents per share, in the year-earlier period.