Las Vegas Sands Corp. Earnings Results Send LVS Stock Higher

Las Vegas Sands Corp. (NYSE:LVS) stock jumped on Friday following the release of its earnings report for the third quarter of 2016.

Las Vegas Sands Corp., LVSLas Vegas Sands Corp. reported revenue of $2.97 billion for the third quarter of 2016. Revenue reported during the same time last year was $2.89 billion. Wall Street was expecting the company to report revenue of $2.77 billion for the quarter.

Earnings per share for the third quarter of 2016 was 72 cents. This is an increase over the earnings per share of 66 cents for the third quarter of 2015. It also managed to beat out analysts’ estimate of 59 cents for the third quarter of 2016.

Net income reported by Las Vegas Sands Corp. for the third quarter of 2016 was $572.20 million. This had the resort company increasing its net income for the quarter by 8% from the $529.81 million reported in the third quarter of the year prior.

According to Las Vegas Sands Corp., it saw an almost 9% increase in revenue per available room at The Venetian Las Vegas and The Palazzo. This had the company reporting revenue per available room of $232 at these locations.

Las Vegas Sands Corp. also noted a 6.9% increase in adjusted property EBITDA for the third quarter of 2016. It attributed this increase to “growth in slot volumes and non-Baccarat table win.”

Las Vegas Sands Corp. has announced its dividend for the third quarter of the year. The company will be paying investors a dividend of 72 cents per share on Dec. 30, 2016. Shareholders must be on record as of Dec. 21, 2016 to receive this dividend.

LVS stock was up 4% as of Noon Friday and is up 35% year-to-date.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/11/las-vegas-sands-corp-lvs/.

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