Las Vegas Sands Corp. (LVS) reported higher profit for the first quarter as revenue showed growth. Las Vegas Sands Corp. develops integrated resorts worldwide. It owns and operates The Venetian Resort Hotel Casino, The Palazzo Resort Hotel Casino and an expo and convention center.
Las Vegas Sands Corp Earnings Cheat Sheet for the First Quarter
Results: Net income for the resort and casino company rose to $289.3 million (28 cents/share) vs. $17.6 million (4 cents/share) in the same quarter a year earlier. A substantial increase from the year earlier quarter.
Revenue: Rose 58.2% to $2.11 billion YoY.
Actual vs. Wall St. Expectations: LVS reported adjusted net income of of 37 cents/share. By that measure, the company fell short of mean estimate of 44 cents/share. Estimates ranged from 34 cents per share to 49 cents per share.
Key Stats: The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 51.3%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose 67.3% from the year earlier quarter.
Stock Performance: Shares of LVS are trading at $41.42 as of May 3, 2011 at 5:10 PM ET, down 9.55% from the today’s closing price of $45.87.