Las Vegas Sands Q3 Profit Drops 1.1%, Revenue Rises 12.5%; Misses Expectations; Will Raise Dividend 40% in 2013
Late Thursday hotel and gaming operator Las Vegas Sands Corp. ( LVS ) saw a slight fall in net income despite higher revenues.
The Las Vegas based company reported third quarter net income of $349.8 million, or 42 cents per share, compared to $353.6 million, or 44 cents per share, a year ago. Adjusted income fell to $382.2 million, or 49 cents per share, down from $444.8 million, or 50 cents per share. Wall Street analysts expected much higher adjusted earnings to be 59 cents per share. The fall in earnings was attributed to challenges in Singapore and higher costs in Macau.
Revenue for LVS rose 12.5% to $2.7 billion for the quarter. This total missed analysts estimates of $2.9 billion.
The firm declared its fourth quarter dividend with an ex-dividend date of December 18th and a pay date of December 28th. LVS also said that beginning in 2013 the firm's dividend would be raised 40% to 35 cents per share quarterly, up from 25 cents.
Las Vegas Sands shares were up 9 cents, or +0.19%, in premarket trading on Friday.
Las Vegas Sands Corp. ( LVS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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