International Game Technology (IGT) Stock Up on Earnings Beat

International Game Technology (IGT) stock is increasing after the company reported earnings per share that surpassed estimates for the 2015 third quarter.
By Amanda Gomez ,

NEW YORK (TheStreet) -- International Game Technology (IGT) - Get Report stock is gaining 5.21% to $16.25 on heavy trading volume on Thursday afternoon following better than expected earnings per share for the 2015 third quarter. Revenue fell short of estimates.

The quarterly report is the gaming company's second since completing the merger with GTECH in April.

The company reported earnings of 41 cents per share for the quarter ended September 30, beating estimates by 10 cents.

Revenue declined 18% year-over-year to $1.22 billion, missing estimates of $1.27 billion for the latest quarter.

The drop in revenue was driven by weak Italian results amid an unfavorable foreign exchange market and the anticipation of gaming machine taxes.

"Our third quarter results reflect the diversity of our business and disciplined operational management," CFO Alberto Fornaro said in a statement. "Our synergy plans remain on track, free cash flow generation was strong, net debt was reduced, and our financial condition remains solid."

So far today, 1.34 million shares of International Game Technology have been traded, compared with its average daily volume of 794,505 shares.

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