Las Vegas Sands (NYSE:LVS) earnings for the casino and resort company’s second quarter of 2020 have LVS stock ticking lower on Wednesday. This comes after reporting adjusted losses per share of $1.05 on revenue of $98 million. Neither of these comes close to Wall Street’s estimates of -72 cents per share on revenue of $563.75 million.
Let’s see what else went wrong for Las Vegas Sands during its most recent earnings report.
- Adjusted per-share losses are a negative switch from its adjusted EPS of 72 cents during the same period of the year prior.
- Revenue for the quarter comes in 70.6% lower than the $3.33 billion reported in Q2 2019.
- Operating loss of $922 million is a massive drop year-over-year from an operating income of $894 million.
- The Las Vegas Sands earnings report also has net loss coming in at $985 million.
- That’s a major decline next to the company’s net income of $1.11 billion for the second quarter of the previous year.
Sheldon Adelson, chairman and CEO of Las Vegas Sands, said this in the earnings report.
“We remain optimistic about an eventual recovery of travel and tourism spending across our markets, as well as our 1 future growth prospects. We are fortunate that our financial strength will enable us to continue to execute our previously announced capital expenditure programs in both Macao and Singapore, while continuing to pursue growth opportunities in new markets.”
Las Vegas Sands doesn’t discuss guidance in its most recent earnings report. That’s likely due to the novel coronavirus. Many other companies are doing the same during the pandemic.
LVS stock was down 1.6% after-hours Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.