Every company has to figure out that delicate balance between not messing up the key attributes that brought it success, while changing enough to stay relevant and find new sources of growth. In recent years, leading game technology and machine vendor International Game Technology (NYSE:IGT), seemed to get too entranced in new technologies, follow-on products and expansion, allowing rivals like Bally Technologies (NYSE:BYI) and WMS Industries (NYSE:WMS), to grab share on the casino floor. While this remains a competitive market and IGT is not such a cheap stock, it looks as though IGT may have fixed what ailed it and is ready for another growth spurt.
A Good Close to the Year
For the first time in over a year, IGT was able to deliver year-on-year revenue growth to its shareholders. Revenue rose 14% this quarter, blowing away the average estimate and the high end of the range, as well. To add a little more perspective, this is the strongest result since the December quarter of 2009.
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