Shares of casino and gaming company Las Vegas Sands (LVS - Get Report) rose on Thursday after the company reported better-than-expected quarterly earnings on the back of gains at its Macau operations.
Shares of Las Vegas Sands climbed nearly 2%, or $1.29, to $69.18 in early trading on the New York Stock Exchange after the company said it earned $744 million, or 91 cents an adjusted share, vs. $1.62 billion, or $1.04 an adjusted share, a year earlier.
The latest net income figure included charges related to a legal settlement, while the year-ago net income number included a nonrecurring non-cash income tax benefit of $670 million, the company said.
Analysts polled by FactSet had been expecting earnings of 87 cents a share. Revenue was $3.65 billion for the quarter ended in March vs. $3.58 billion in the same period a year ago.
"We are pleased to have delivered strong financial results in the quarter, led by consistent growth in the mass and non-gaming segments in Macau," CEO Sheldon Adelson said in a statement, adding that development of the company's Four Seasons and Londoner properties there were progressing well.
The company paid a quarterly dividend of 77 cents a share and a repurchased $174 million of stock during the quarter. The company announced its next quarterly dividend of 77 cents will be paid on June 27 to shareholders of record as of June 19.
Las Vegas Sands owns and operates casino and hotel chains in Las Vegas, Macau and other regions under the Venetian, Sands, Parisian and Plaza / Four Seasons brands.