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International Game Technology profit misses consensus by 70.9% in Q3

International Game Technology PLC said its normalized net income for the third quarter came to 10 cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

EPS fell 74.2% year over year from 40 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $20.6 million, a decrease of 70.3% from $69.4 million in the prior-year period.

The normalized profit margin fell to 1.7% from 7.4% in the year-earlier period.

Total revenue climbed 29.6% on an annual basis to $1.22 billion from $937.9 million, and total operating expenses rose 42.1% year over year to $1.07 billion from $754.1 million.

Reported net income declined 89.5% year over year to $8.0 million, or 4 cents per share, from $76.7 million, or 44 cents per share.