Las Vegas Sands Corp. (NYSE: LVS) this week,reported its second-quarter financial results. The company reported second-quarter revenue of $1.59 billion, up 50.6% from the second quarter of 2009. Second-quarter consolidated adjusted property EBITDA came in at $473.5 million, up 91.2% from the same period last year. Consolidated adjusted EBITA margin, meanwhile, increased 630 basis points to 29.7% in the second quarter of 2010.
Las Vegas Sands reported second-quarter GAAP operating income of $166.8 million, compared with GAAP operating loss of $171.3 million reported for the second quarter of 2009. The increase in operating income can be mainly attributed to strong results at the company’s portfolio of properties in Macau and also to the opening of Marina Bay Sands in Singapore.
Second-quarter adjusted net income stood at $129.3 million, or $0.17 per diluted share, compared with $8.8 million, or $0.01 per diluted share in the second quarter of 2009. On a GAAP basis, the company reported second-quarter net loss of $4.7 million. For the same period last year, the company had reported net loss on GAAP basis of $222.2 million. The company reported diluted loss per share of $0.01, compared with diluted loss per share of $0.34 reported for the same period last year.
Commenting on the second-quarter financial results, Sheldon G. Adelson, chairman and CEO of Las Vegas Sands, said that the company is pleased to deliver record revenues and adjusted property EBITDA during the second quarter of 2010. Adelson said that strong revenue growth, increases in operational efficiency and robust operating margins at Marina Bay Sands in Singapore contributed significantly to the substantial margin expansion and record financial performance overall. He said that the company delivered an all-time quarterly record of $307 million of adjusted property EBITDA in Macau.
Shares of Las Vegas Sands have opened lower in today’s trading. The stock touched a low of $26.41 in early trading. At last check, it was down 1.15% to $26.62, with volume at 133,581 in morning trading.
The Las Vegas Sands stock has a 52-week range of $9.05-$27.84. It is currently trading above its 50-day and 200-day moving averages of $24.28 and $19.96, respectively. Year-to-date, the stock has appreciated 78.18%. The stock has seen support at $25.42 and has met with resistance at $27.98.
Analysts, currently, have a consensus recommendation of Outperform on Las Vegas Sands The stock has 12 Buy, 4 Outperform, 4 Hold, 1 Underperform and 1 Sell rating, at the moment.
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