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Gtech Misses Estimates

Shares ease as it forecasts a soft third quarter.
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shares fell Friday after the gambling equipment provider posted slightly weaker-than-expected earnings.

The West Greenwich, R.I., firm earned $49 million, or 38 cents a share, in the quarter, compared with $53.1 million, or 40 cents a share, last year. Analysts had been expecting earnings of 39 cents a share in the most recent quarter.

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Revenue was $309.9 million, down from $323.5 million a year ago. Higher service revenue was offset by a decline in product sales.

For the current quarter, Gtech expects to earn 34 cents to 37 cents a share, short of the 42-cent consensus estimate compiled by Thomson First Call. The company expects to earn $1.64 to $1.70 a share for the year; analysts were forecasting $1.69 a share.

Shares dipped 75 cents to $32.90 on Instinet.