Las Vegas Sands Corp. (LVS – Free Report) released its second quarter fiscal 2017 financial results, posting earnings of $0.73 per share and revenues of $3.14 billion. Currently, LVS is a Zacks Rank #2 (Buy) and is up 1.38% to $62.50 per share in trading shortly after its earnings report was released.
Las Vegas Sands:
Beat earnings estimates. The company posted earnings of $0.73 per share (excluding four cents from non-recurring items), defeating the Zacks Consensus Estimate of $0.61.
Beat revenue estimates. The company saw revenue figures of $3.14 billion, beating our consensus estimate of $3.02 billion.
Net revenue for the second quarter of 2017 increased 18.6% to $3.14 billion, compared to $2.65 billion in the second quarter of 2016. Net income increased 61.9% to $638 million in the second quarter, compared to $394 million in the year-ago quarter.
Gross gaming revenues in Macau increased 21.9% year-over-year, while premium mass revenues jumped 40%.
On a GAAP basis, operating income in the second quarter of 2017 increased 57.5% to $816 million, compared to $518 million in the second quarter of 2016. Adjusted net income attributable to Las Vegas Sands (a non-GAAP measure) increased 36.8% to $576 million.
“We are pleased to have delivered a strong set of financial results during the quarter, led by another quarter of growth in Macao and a record-setting performance in Singapore.,” said CEO Sheldon Adelson. “The benefits of our convention-based Integrated Resort business model remain evident in our financial results, with adjusted property EBITDA increasing 26.5% compared to the second quarter of 2016, reaching $1.21 billion. We also continued to return excess capital to shareholders during the quarter.”
Here’s a graph that looks at LVS’s recent earnings performance:
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
