International Game Technology Falls 18% after Weak Q3

Shares of International Game Technology

were seeing increased weakness during Wednesday's trading session after the company reported third-quarter earnings on Tuesday, which disappointed investors. International Game Technology reported third-quarter EPS of $0.23 versus the estimated $0.30 per share, missing by -23.3%. Revenues came in at $532.8M versus the estimated $574.69M, missing by -7.3%. However, management seemed optimistic, "Our third quarter revenue growth and strong cash flows are reflective of our diverse business model. Against the backdrop of an inconsistent global economic recovery, we are generally pleased with this quarter's results and remain on track to meet our fiscal year 2012 financial goals," said Patti Hart, CEO of IGT. "The recent announcement of our $1 billion share repurchase is further evidence of our confidence in the outlook for IGT." Wednesday, shares of International Game Technology traded over 17 percent lower, at about $12.08 per share.