Las Vegas Sands (LVS) Boasts 240% Rise in Q2 Net Profit; Shares Up 5%
Tweet
Share
E-mail
Get Alerts LVS Hot Sheet
Join SI Premium – FREE
Investors are betting with shares of Las Vegas Sands (NYSE: LVS) in the post-market trading session Tuesday following solid quarterly results this afternoon. After closing at $46.30, up 0.26 percent for the session, LVS shares last traded at $48.79, up more than 5.5 percent from the close.
Net revenue for the quarter ended June 30 rose 47.1 percent from $1.59 billion during the year-ago quarter to $2.35 billion. Adjusted property EBITDA surged a whopping 90 percent to $901.6 million. The property EBITDA margin was up 8.7 percent to 38.4 percent.
Pro-forma net income totaled $438.6 million, up nearly 240 percent from the $129.3 million posted during the second quarter of last year. On a per-share basis, earnings came in at 54 cents, up 217 percent from 17 cents last year.
Analysts on the Street had been looking for quarterly earnings of 44 cents per share on sales of $2.21 billion.
The company's Sands China subsidiary in Macau saw total sales rise 16 percent to $1.21 billion during the quarter. Net income generated by the property was up 100 percent to $267.4 million.
Commenting on its Vegas properties, Las Vegas Sands said, "The Venetian and Palazzo generated $92.9 million in adjusted property EBITDA during the quarter. Our quarterly results clearly reflect the implementation of our strategy to focus on cash-paying corporate group, convention and FIT customers, and to optimize our promotional activity for gaming customers as the Las Vegas market continues to recover. Table games drop was up modestly during the quarter, while slot handle naturally reflected the contraction expected with the decreased promotional activity. Cash revenues from occupied rooms increased by more than 18% compared to the same quarter last year. In addition, 97% of our occupied rooms during the quarter were sold to cash paying customers, compared to just 70% in the second quarter of 2010. Our average daily rate also increased 4.2% as our FIT, group meeting and convention businesses expanded."
Net revenue for the quarter ended June 30 rose 47.1 percent from $1.59 billion during the year-ago quarter to $2.35 billion. Adjusted property EBITDA surged a whopping 90 percent to $901.6 million. The property EBITDA margin was up 8.7 percent to 38.4 percent.
Pro-forma net income totaled $438.6 million, up nearly 240 percent from the $129.3 million posted during the second quarter of last year. On a per-share basis, earnings came in at 54 cents, up 217 percent from 17 cents last year.
Analysts on the Street had been looking for quarterly earnings of 44 cents per share on sales of $2.21 billion.
The company's Sands China subsidiary in Macau saw total sales rise 16 percent to $1.21 billion during the quarter. Net income generated by the property was up 100 percent to $267.4 million.
Commenting on its Vegas properties, Las Vegas Sands said, "The Venetian and Palazzo generated $92.9 million in adjusted property EBITDA during the quarter. Our quarterly results clearly reflect the implementation of our strategy to focus on cash-paying corporate group, convention and FIT customers, and to optimize our promotional activity for gaming customers as the Las Vegas market continues to recover. Table games drop was up modestly during the quarter, while slot handle naturally reflected the contraction expected with the decreased promotional activity. Cash revenues from occupied rooms increased by more than 18% compared to the same quarter last year. In addition, 97% of our occupied rooms during the quarter were sold to cash paying customers, compared to just 70% in the second quarter of 2010. Our average daily rate also increased 4.2% as our FIT, group meeting and convention businesses expanded."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- BofA says momentum style supported by earnings revisions
- Ross Stores, Inc. (ROST) PT Raised to $240 at Bernstein SocGen Group
Create E-mail Alert Related Categories
Earnings, Insiders' BlogRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
