IGT Reports Lower First Quarter Profits

International Game Technology reports first-quarter profit fell 6 percent because of higher costs and decreased domestic demand for slot machines and other casino gambling equipment.

The earnings report still met the expectation of Wall Street analysts.

The company earned $113.7 million, or 36 cents a share, in the quarter ended Dec. 31, compared with $121 million, or 35 cents a share, in the same quarter last year.

U.S. product sales fell 19.5 percent to $166.9 million from $207.3 million as shipments slid 40 percent to 7,300 units due to lower replacement demand.

The company says operating expenses rose to $170.8 million from $166.8 million last year, due primarily to additional staffing and higher research and development costs.