logo
Share SHARE
FONT-SIZE Plus   Neg

SHFL Entertainment Profit Rises, But Misses Estimate - Update

Gaming device maker SHFL entertainment, Inc. (SHFL) Monday reported an eleven percent rise in fourth-quarter profit, due mainly to increased revenues across core business segments. However, the company's quarterly earnings missed Street estimates, while revenues topped forecast.

Moving ahead, the company said it is poised for sustainable growth as it benefits from continued MD3 card shuffler placements, global expansion of slot machine business, improved e-Table offerings, among other factors.

SHFL entertainment makes gaming devices, and operates inter-casino linked systems and slot routes. The Las Vegas-based company reported fourth-quarter net income of $10.8 million or $0.19 per share, compared with $9.7 million or $0.18 per share a year ago.

On average, six analysts polled by Thomson Reuters expected earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter increased 12 percent to $73.6 million from $65.7 million in the prior year. Analysts expected revenues of $68.48 million for the quarter.

Among segments, Proprietary Table Games revenue jumped 23 percent from last year and Electronic Table Games was up 37 percent. Utility revenue climbed 5 percent and Electronic Gaming Machines 6 percent.

Gross margin for the quarter improved to 63.6 percent from 62.5 percent a year earlier.

Shares of the company closed Monday at $13.25, up 1.38%, on the Nasdaq. In after hours, the stock dropped 0.15%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Royal Bank of Scotland plans to cut 880 jobs from its IT department in London by 2020, a UK labor union reported. Britain's Unite union claimed on Tuesday that the bank informed its staff about a further 40 percent cut of permanent IT jobs, which is said to be part of ongoing deep cost-cutting at the taxpayer-owned bank. The bank also plans a 65 percent reduction of contractors. Discount-store operator Target, Inc. on Wednesday lifted its fiscal 2017 forecast for earnings and comparable sales after reporting higher comps in its second quarter. Net earnings in the quarter declined, while earnings from continuing operations increased with higher sales. Adjusted earnings per share as well as top line beat analysts' estimates. In pre-market, Target shares were up 6.4 percent. Shares of A.P. Moller-Maersk A/S were gaining around 4 percent in the morning trading in Denmark after the shipping and oil company maintained its forecast for higher profit in fiscal 2017, despite the expected negative impact from the June cyber-attack of up to $300 million. In its second quarter, the company slipped to a loss, compared to profit last year.
comments powered by Disqus
Follow RTT