International Game Technology's stock falls after profit misses expectations

Shares of International Game Technology PLC /zigman2/quotes/202670793/composite IGT +0.16% fell 0.6% in premarket trade Monday, after the gaming and lottery company reported first-quarter earnings that missed expectations and revenue that fell a bit shy. The company swung to a profit of $40.25 million, or 20 cents a share, from a loss of $103.15 million, or 51 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share fell to 12 cents from 15 cents. The FactSet EPS consensus was 21 cents. Revenue fell 5% to $1.145 billion, just below the FactSet consensus of $1.154 billion. Among IGT's business segments, North America gaming and interactive revenue fell 1% to $240 million, beating the FactSet consensus of $229.5 million; North America lottery revenue was flat at $296 million, above expectations of $296 million; international revenue slipped 1% to $172 million to miss expectations of $186.9 million; and Italy revenue declined 2% to $437 million to miss expectations of $454.1 million. The stock fell 3.8% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.56% has gained 14%.