Why Las Vegas Sands Stock Skyrocketed This Week
Key Points
Las Vegas Sands' Q3 sales and earnings crushed the market's expectations.
Performance for the company's Marina Bay property was particularly strong.
Las Vegas Sands delivered a massive dividend payout increase.
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Las Vegas Sands (NYSE: LVS) stock surged over the past week of trading thanks to a strong quarterly report. The casino giant's share price was up 18.7% over the period amid the backdrop of a 1.9% gain for the S&P 500 index.
Las Vegas Sands published its third-quarter report after the market closed on Oct. 22, posting sales and earnings for the period that topped Wall Streets expectations. Giving investors another healthy dose of good news, the company announced it was delivering a significant dividend payout increase.
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Las Vegas Sands stock soars on quarterly beats and dividend hike
Las Vegas Sands reported non-GAAP (adjusted) earnings per share of $0.78 on revenue of $3.33. The performance crushed the average Wall Street analyst estimate, which had called for per-share earnings of $0.62 on sales of $3.05 billion. Sands' revenue surged 24.3% higher year over year, with strong performance for the company's Singapore operations helping to power big sales and earnings beats.
The Marina Bay Sands property delivered revenue and earnings that crushed the market's expectations and prompted multiple analysts to increase their price targets on the casino-leader's stock. Along with the big performance beats, Las Vegas Sands also announced that it was raising its quarterly dividend to $0.30 per share -- up from its previous quarterly payout of $0.10 per share.
What's next for Las Vegas Sands?
The Marina Bay Sands is solidifying itself as a major performance driver for Las Vegas Sands and is generating huge amounts of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the company. The property delivered $743 million in adjusted EBITDA in the third quarter, absolutely trouncing the average Wall Street analyst estimate's call for adjusted EBITDA of $618 million in the period. If Marina Bay operations manage to sustain their current growth momentum, Las Vegas Sands has paths to continued capital appreciation and additional dividend hikes down the line.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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