International Game Technology Shares Rise In Pre-Market Trading After Reporting Upbeat FQ2 Earnings

Shares of International Game Technology IGT jumped in pre-market trading after the company reported better-than-expected FQ2 earnings and raised its earnings guidance for the full fiscal year. IGT reported its FQ2 net income from continuing operations at $69.6 million, or $0.23 per share, up from $26 million, or $0.08 per share, in the year-earlier period. The company's revenue increased 1% to $492 million. However, analysts expected earnings of $0.20 per share on revenue of $479.2 million. The company's quarterly operating expenses dropped to $161 million from $208 million. IGT raised its earnings outlook to between $0.84 and $0.90 per share, from its earlier forecast of $0.79 to $0.87 per share. However, analysts were expecting a FY11 profit of $0.87 per share. IGT shares surged 8.94% to $17.79 in pre-market trading. Read more from Benzinga's Company news.