UPDATE: Las Vegas Sands (LVS) Misses Q2 EPS by 5c
Las Vegas Sands (NYSE: LVS) reported Q2 EPS of $0.85, $0.05 worse than the analyst estimate of $0.90. Revenue for the quarter came in at $3.62 billion versus the consensus estimate of $3.8 billion.
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased to report another quarter of continued strong growth in revenue, cash flow and earnings per share. We are driving our strong financial performance through the focused and consistent execution of our global growth strategy, which continues to harness the power of our convention-based Integrated Resort business model. We are confident that the continued execution of this strategy will extend our position as the global leader in Integrated Resort development and operation.
"In Macao, we delivered strong growth in the mass and non-gaming segments of our business. We welcomed nearly seventeen million visits during the quarter to our Macao property portfolio, which delivered a second quarter record $801.3 million in adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties, which will be complemented by the Parisian Macao, which is targeted to open in late 2015, will meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding platform for growth in the years ahead."
In Singapore, adjusted property EBITDA reached $417.8 million, reflecting strong growth in non-gaming revenue and steady mass gaming results. Mass win-per-day increased 3.8% in the quarter compared to the year ago quarter, and reached a property record $4.68 million per day.
Mr. Adelson added, "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."
The company paid a recurring quarterly dividend of $0.50 per common share during the quarter, an increase of 42.9% compared to the second quarter of 2013. The company also announced that its next recurring quarterly dividend for the third quarter of 2014 of $0.50 per common share will be paid on September 30, 2014 to Las Vegas Sands shareholders of record on September 22, 2014.
For earnings history and earnings-related data on Las Vegas Sands (LVS) click here.