Las Vegas Sands Corp. LVS shares are trading higher by 5.35% to $57.97 Thursday morning despite the company reporting worse-than-expected fourth-quarter adjusted EPS and sales results. Following earnings, multiple firms maintained bullish ratings on the stock and raised their respective price target.
What Happened?
Las Vegas Sands reported quarterly losses of 19 cents per share which missed the analyst consensus estimate of a loss of 9 cents. The company also reported quarterly sales of $1.12 billion, which missed the analyst consensus estimate of $1.18 billion by 5%. This sales figure is, however, an 11% percent increase over sales of $1.01 billion in the same period last year.
Las Vegas Sands says the company's operating loss was $166 million, compared to $138 million in the prior year quarter. Meanwhile, the net loss from continuing operations in the fourth quarter of 2022 was $269 million, compared to $315 million in the fourth quarter of 2021.
Additionally, the full-year 2022 operating loss was $792 million, compared to $689 million in 2021.
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"While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, we remain confident in a robust recovery in travel and tourism spending across our markets and deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead," said Robert G. Goldstein, chairman and chief executive officer.
According to data from Benzinga Pro, LVS has a 52-week high of $58.47 and a 52-week low of $28.88.
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