Bally Technologies second quarter profit tops Wall Street view
Shares gained nearly 7 % in aftermarket electronic trading, rising us$ 1.25 to us$ 19.50, after closing the regular session at us$ 18.25.
The Las Vegas-based company said net income rose to us$ 33.6 million, or 59 cents per share, from us$ 24.4 million, or 42 cents per share, a year ago. The results topped expectations of analysts surveyed by Thomson Reuters, who expected 54 cents a share, on average.
Sales edged up 1 % to $233.3 million, short of the us$ 245 million analysts were predicting. The sale of new gambling devices fell to 6,099 units in the last three months of 2008 from 7,144 units a year earlier.
However, sales in the company’s "gaming operations" division, which rents out machines, rose 23 % to us$ 66 million and gross margin jumped 10 percentage points as costs in that division fell.
Looking ahead however, Bally clipped its forecast, blaming the recession and credit crunch. The company now expects profit of us$ 2.15 to us$ 2.35 per share in 2009, compared with a prior estimated range of up to us$ 2.45 per share. On average, analysts are expecting profit of us$ 2.25 per share for the year, the midpoint of Bally’s forecast.
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