Las Vegas Sands shares rise after $2 billion stock repurchase

Shares of Las Vegas Sands Corp.
LVS,
-1.59%
rose 3.7% in extended trades after the company reported third-quarter results and announced a $2 billion stock repurchase authorization. “After reinstating our dividend last quarter, I am pleased to announce that our board of directors has authorized $2.0 billion of share repurchases under our stock repurchase program through 2025,” said Las Vegas Sands CEO Robert Goldstein, in a statement. Las Vegas Sands reported third-quarter net income from continuing operations of $449 million, compared to a net loss from continuing operations of $380 million in the same period last year. Earnings came to 50 cents, compared with a loss of 31 cents a share in the same period last year and below the FactSet consensus of 55 cents. Third-quarter revenue was $2.8 billion, compared to $1.01 billion in the prior year’s quarter. Analysts surveyed by FactSet had forecast revenue of $2.718 billion.