NEW YORK (TheStreet) -- Las Vegas Sands (LVS) stock is being pulled higher after MGM Resorts (MGM) posted better-than-expected results in its first quarter.
By market close, the casino owner had gained 5.7% to $78.62, on the back of an 8.5% jump in MGM's stock.
Before the bell Tuesday, MGM reported first-quarter net income of 21 cents a share and revenue 11.9% higher year over year to $2.63 billion. Analysts surveyed by Thomson Reuters had forecast 9 cents a share in net income and $2.57 billion in revenue.
- The revenue growth came in higher than the industry average of 4.8%. Since the same quarter one year prior, revenues rose by 21.4%. Growth in the company's revenue appears to have helped boost the earnings per share.
- Powered by its strong earnings growth of 37.68% and other important driving factors, this stock has surged by 44.98% over the past year, outperforming the rise in the S&P 500 Index during the same period. Turning to the future, naturally, any stock can fall in a major bear market. However, in almost any other environment, the stock should continue to move higher despite the fact that it has already enjoyed nice gains in the past year.
- LAS VEGAS SANDS CORP has improved earnings per share by 37.7% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, LAS VEGAS SANDS CORP increased its bottom line by earning $2.79 versus $1.85 in the prior year. This year, the market expects an improvement in earnings ($3.85 versus $2.79).
- The net income growth from the same quarter one year ago has exceeded that of the S&P 500 and greatly outperformed compared to the Hotels, Restaurants & Leisure industry average. The net income increased by 35.7% when compared to the same quarter one year prior, rising from $571.96 million to $776.19 million.
- You can view the full analysis from the report here: LVS Ratings Report