Las Vegas Sands Corp. (NYSE:LVS) reported first-quarter earnings on Wednesday after the market closed. Here’s a rundown of the report.
- Las Vegas Sands shares are sliding. Why are LVS shares down?
Q1 Highlights
Las Vegas Sands reported adjusted earnings per share of 91 cents, beating the consensus estimate of 78 cents. In addition, it reported revenue of $3.58 billion, beating the consensus estimate of $3.34 billion, and representing a 25.3% year-over-year increase.
Growth was driven by strength in both Singapore and Macao. At Sands China Ltd., total net revenues increased 23.6% year-over-year to $2.10 billion, while net income rose 45.5% to $294 million.
"We continued to execute our strategic objectives during the quarter as we delivered growth in both Singapore and Macao while continuing to increase the return of capital to shareholders," said CEO Patrick Dumont.
Las Vegas Sands repurchased $740 million of its common stock during the quarter and paid a quarterly dividend of 30 cents per share.
The company ended the quarter with $3.33 billion in unrestricted cash.
Capital expenditures totaled $194 million during the quarter, including investments in Marina Bay Sands and Macao properties.
Las Vegas Sands Shares Slide
LVS Price Action: At the time of publication, Las Vegas Sands shares are trading 7.53% lower at $52.57, according to data from Benzinga Pro.
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