Las Vegas Sands Corp. (LVS) reported that its first-quarter GAAP net income attributable to common stockholders was $572.0 million or $0.69 per share, compared to $498.9 million or $0.61 per share in the prior year quarter.
The increase in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests.
Adjusted net income increased to $583.9 million, or $0.71 per share from $569.8 million, or $0.70 per share, in the first quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.
On a GAAP basis, operating income in the first quarter of 2013 increased 16.8% to $826.7 million, compared to $707.6 million in the first quarter of 2012. The increase in operating income was principally due to strong operating results in Macao, partially offset by higher depreciation and amortization expense related to the opening of Sands Cotai Central and lower table games hold in Singapore.
Net revenue for the latest first quarter was $3.30 billion, up 19.5% compared to $2.76 billion in the comparable quarter last year, while twenty three analysts had consensus revenue estimate of $3.27 billion for the quarter.
The company also announced that its next recurring quarterly dividend of $0.35 per common share will be paid to Las Vegas Sands shareholders on June 28, 2013 to shareholders of record as of June 20, 2013.
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