WMS Industries shares fall 9% on lower Q3

By Reuters
Posted April 11 at 5:23 p.m.

Slot machine maker WMS Industries forecast a weak third quarter that fell short of analysts’ estimates, as demand fell, sending shares down 9 percent after the bell.

WMS, which competes with International Game Technology and Bally Technologies Inc , expects to earn 40-42 cents a share in the third quarter.

Analysts, on average, were expecting it to earn 51 cents a share, according to Thomson Reuters I/B/E/S.

The company sees revenue of about $191-$193 million, lower than its earlier forecast of $209-$215 million.

“Based on recent customer capital budgets and unit demand trends, we don’t expect meaningful improvements in the industry environment over the remainder of calendar 2011 or, at this point, for calendar 2012,” Chief Executive Brian R. Gamache said in a statement.

Shares of the company trading at $32.798 after the bell. They closed at $36.22 on Monday on the New York Stock Exchange.

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