Las Vegas Sands Corp. (LVS: Quote) reported that its second-quarter GAAP net income attributable to common stockholders decreased 34.6% to $240.6 million, from $367.6 million in the second quarter of 2011, while earnings per share in the second quarter of 2012 decreased 35.6% to $0.29, compared to $0.45 in the prior year quarter.
The decrease in net income attributable to common stockholders reflected the decrease in operating income, as well as the loss on modification or early retirement of debt during the quarter, partially offset by the benefit from the discontinuation of preferred stock dividends and the accretion of preferred stock resulting from the redemption of the company's outstanding preferred stock in November 2011.
Adjusted net income decreased to $365.3 million, or $0.44 per share, compared to $438.6 million, or $0.54 per share, in the second quarter of 2011. The decrease in adjusted net income was principally driven by the lower hold on table games play and higher provisions for accounts receivable. Analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenue for the second quarter of 2012 was $2.58 billion, an increase of 10.1% compared to $2.35 billion in the second quarter of 2011. Twenty one analysts had consensus revenue estimate of $2.78 billion for the quarter.
The company said its board has declared its third consecutive quarterly cash dividend of $0.25 per common share to be paid on September 28, 2012 to shareholders of record as of September 20, 2012.
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by RTT Staff Writer
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