Casino operator Las Vegas Sands Corp (NYSE:LVS) beat analyst estimates with fourth-quarter financial results reported Wednesday after market close. Here are the key highlights.
• Why is LVS stock dropping?
Las Vegas Sands Q4 Results
Las Vegas Sands reported fourth-quarter revenue of $3.649 billion, beating a Street consensus estimate of $3.328 billion, according to data from Benzinga Pro.
The company’s adjusted earnings per share of 85 cents beat a Street consensus estimate of 76 cents per share.
The company’s adjusted property EBITDA grew to $1.41 billion, from $1.1 billion in last year’s fourth quarter.
Sands China segment revenue was $2.05 billion for the quarter, up 16.4% year-over-year. Net income for the segment fell from $237 million to $213 million for the fourth quarter on a year-over-year basis.
“We remain enthusiastic about our opportunities to deliver growth in both Singapore and Macao, as we realize the benefits of our market-leading capital investment programs,” Las Vegas Sands CEO Robert G. Goldstein said.
Goldstein highlighted the strong results of the company’s Marina Bay Sands in Singapore, while saying the company will continue to support the development of Macao.
“Our financial strength and industry-leading cash flow continue to support our investment programs in both Singapore and Macao, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.”
The company also said it had $274 million in capital expenditures in the fourth quarter.
Ultimately, the company’s results show strength for operations in Singapore with some concerns for the Macao region concerning margins and net income.
Las Vegas Sands Stock Falls
Las Vegas Sands Stock is down 8.59% to $56 in after-hours trading Wednesday versus a 52-week trading range of $30.18 to $70.45.
Photo: Shutterstock
Recent Comments