Las Vegas Sands shares rise after $2 billion stock repurchase

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Shares of Las Vegas Sands Corp.
rose 5.5% in premarket trades after the company reported third-quarter results and announced a $2 billion stock repurchase authorization Wednesday. “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. Adjusted earnings per share came in at 55 cents a share, compared with a loss of 27 cents a share in the same period last year. Analysts surveyed by FactSet were looking for earnings of 55 cents a share. 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.

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