Investors who placed bets on gaming equipment and services specialist International Game Technology (IGT -0.52%) were handsomely rewarded on Tuesday. Shares of their company soared nearly 10% higher, on the back of the company's latest quarterly earnings.
International Game absolutely crushed earnings estimates. For its second quarter, the company netted $34 million in profit, down quite some distance from the $365 million it earned the previous year. On a non-GAAP (adjusted) per-share basis, however, the metric was actually considerably higher -- $0.57, against second-quarter 2021's $0.32.
That was more than good enough to top prognosticator projections. On average, analysts tracking the stock were modeling for only $0.33.
International Game's profit for the period filtered down from revenue of $1.02 billion. This slightly missed the collective analyst estimate of $1.03 billion and was also marginally below the year-ago top line of $1.04 billion.
The company quoted its CEO Vince Sadusky as saying, "Strong customer and player demand for IGT's products and solutions drove some of our strongest profit results ever in the second quarter and first half of the year."
In what was likely music to the ears of International Game's investors, Sadusky added, "Our business profile is supported by significant recurring revenue streams backed by long-term contracts and resilient end markets, providing a solid foundation on which to grow."
In its earnings release, International Game shaved $100 million off the high end of its previous guidance for full-year revenue. Now, the company expects that this line item will fall in the $4.1 billion to $4.2 billion range in 2022, which would be at least a marginal improvement over the $4.09 billion of 2021. The company didn't provide estimates for net income.