WEST GREENWICH, R.I. (Reuters) — GTECH Holdings Corp., the world’s foremost operator of lottery systems, said today its third quarter earnings fell nearly 20 percent, matching analysts’ estimates.
The company, which is working to recover from a management shake-up and restructuring, said it earned $18.3 million, or 53 cents per diluted share, during the third quarter. The company earned $22.8 million, or 65 cents per share, during the same period a year ago. GTECH’s revenue fell 11.4 percent to $221.03 million from $249.57 million during the same period a year ago.
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According to analysts surveyed by First Call/Thomson Financial, expectations for GTECH’s earnings this quarter averaged 53 cents a share.
GTECH said it expected to meet estimates of earnings per share of between $2.07 and $2.10 for the full fiscal year.
GTECH software runs about 70 percent of the world’s lotteries, but the company said in August it would revamp its business and lay off 4 percent of its workers. In the second quarter, GTECH also took a charge to pay for the departure of its former chairman and chief executive
