J.P. Morgan analyst tweaks Bally Technologies earnings estimates

J.P. Morgan gaming analyst Joseph Greff on Wednesday revised his earnings estimates for Bally Technologies Inc., citing slot machine shipments to Ohio casinos that were expected to be realized one quarter later than expected.

For the third quarter, Greff adjusted his estimate lower to 65 cents per share, down from 69 cents, while fourth-quarter estimates were raised to 77 cents per share from 74 cents. He said 2012 earnings estimates remain unchanged at $2.42 a share.

Penn National Gaming Inc. signed a deal with Bally Technologies in April 2010 to deliver new slot machines and a slot management system to its casinos in Columbus and Toledo, Ohio.

Bally Technologies is scheduled to release its third-quarter earnings on April 26. Analysts surveyed by Yahoo Finance expect the Las Vegas-based slots and video machine manufacturer, to post earnings of 67 cents a share on revenues of $224.1 million. Greff said his "positive view" of Bally Technologies is based on the company's solid product momentum in gaming operations, and "product sales, game equipment, which should allow for sustained market share."
Shares of Bally Technologies gained 65 cents, or 1.43 percent, to close Wednesday at $46.21 on the New York Stock Exchange.

Contact reporter Chris Sieroty at
csieroty@reviewjournal.com or 702-477-3893.