International Game Q4 Profit Declines, Provides 2014 Outlook - Quick Facts

(RTTNews) - International Game Technology (IGT) reported fourth-quarter net income of $63.5 million or $0.24 per share, lower than $88.1 million or $0.33 per share a year ago.

Income from continuing operations for the quarter declined to $63.5 million or $0.24 per share from $90.1 million or $0.33 per share in the prior-year quarter.

Excluding items, adjusted income from continuing operations for the quarter was $79.8 million or $0.30 per share, compared to $101.9 million or $0.38 per share last year.

On average, 20 analysts polled by Thomson Reuters expected the company to earn $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter edged up to $632.3 million from $631.1 million in the same quarter last year. Seventeen Wall Street analysts had a consensus revenue estimate of $603.05 million for the quarter.

Looking ahead to fiscal 2014 and based on current expectations, the company provided initial guidance for adjusted earnings from continuing operations in a range of $1.28 to $1.38 per share. Street is currently looking for full-year 2014 earnings of $1.34 per share.

Additionally, the company also announced its intention to enter into a $200 million accelerated share repurchase agreement, further demonstrating its continued commitment to shareholder returns.