Las Vegas Sands Corp (NYSE:LVS) reported third-quarter financial results after the market close on Wednesday. Here’s a look at the key metrics from the report.
• LVS is surging to new heights today. See the complete data here.
Q3 Highlights: Las Vegas Sands posted third-quarter revenue of $3.33 billion, beating analyst estimates of $3.03 billion. The company reported third-quarter adjusted earnings of 78 cents per share, beating estimates of 60 cents per share.
Las Vegas Sands shares jumped as much as 6% following the print, according to Benzinga Pro data.
Total revenue was up about 24% on a year-over-year basis. Operating income totaled $719 million in the quarter, up from $504 million in the prior year's quarter. Consolidated adjusted property EBITDA was $1.34 billion, up from $991 million year-over-year.
Las Vegas Sands ended the quarter with an unrestricted cash balance of $3.35 billion.
“We remain enthusiastic about our growth opportunities in both Macao and Singapore as we realize the benefits of our recently completed capital investment programs,” said Robert Goldstein, chairman and CEO of Las Vegas Sands.
“Our financial strength and industry-leading cash flow continue to support our investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.”
Las Vegas Sands repurchased $500 million of its common stock during the quarter. The company’s board increased the company’s stock repurchase authorization to $2 billion from $700 million remaining, as of Sept. 30. Las Vegas Sands also declared a quarterly dividend of 25 cents, payable on Nov. 12 to shareholders of record as of Nov. 4.
Las Vegas Sands executives are currently discussing the quarter on an earnings call that started at 4:30 p.m. ET.
LVS Price Action: Las Vegas Sands shares were up 5.89% in after-hours Wednesday, trading at $53.60 at the time of publication, according to Benzinga Pro.
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