Las Vegas Sands Corp Reports 3Q Results In-Line With Expectations

Las Vegas Sand Corp. LVS reported 3Q 2014 results in-line with expectations Wednesday.

Chairman and CEO Sheldon G. Adelson commented that “the prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy.”

Net revenue for the third quarter of 2014 decreased 1.0 percent to $3.53 billion, below the average estimate of $3.68 billion, compared to $3.57 billion in the third quarter of 2013. 

Adjusted net income decreased to $675.7 million, or $0.84 per diluted share, near the average estimate of $0.85, compared to $681.3 million, or $0.82 per diluted share, in the third quarter of 2013.

The company returned $299.8 million of capital to shareholders through its Stock Repurchase Program in the quarter, completing its initial $2.0 billion Stock Repurchase Authorization and authorized an additional $2.0 billion.  The Board also announced an increase of 30 percent in the company's Recurring Common Stock Dividend for the 2015 calendar year to $2.60 per share ($0.65 per quarter).

Adelson noted that Macau “delivered strong growth in the mass and non-gaming segments of our business. We enjoyed record visitation to our Cotai Strip properties and welcomed over 18 million visits during the quarter to our Macao property portfolio, which delivered a third quarter record $809.0 million in adjusted property EBITDA.”

Las Vegas Sands Corp. traded at $61.25 in the aftermarket, up 1.54 percent.