Las Vegas Sands Corp (LVS)
Pretax margin
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 1,565,000 | 873,000 | 192,000 | -349,000 | 1,986,000 | 2,064,000 | 1,848,000 | 1,830,000 | -966,000 | -1,128,000 | -1,293,000 | -1,946,000 | -1,661,000 | -732,000 | 443,000 | 2,484,000 | 3,130,000 | 3,084,000 | 3,123,000 | 2,570,000 |
| Revenue (ttm) | US$ in thousands | 10,372,000 | 8,574,000 | 6,784,000 | 5,287,000 | 4,110,000 | 4,001,000 | 3,853,000 | 3,981,000 | 4,234,000 | 4,241,000 | 3,830,000 | 2,719,000 | 2,940,000 | 5,434,000 | 8,238,000 | 11,510,000 | 13,739,000 | 13,705,000 | 13,827,000 | 13,796,000 |
| Pretax margin | 15.09% | 10.18% | 2.83% | -6.60% | 48.32% | 51.59% | 47.96% | 45.97% | -22.82% | -26.60% | -33.76% | -71.57% | -56.50% | -13.47% | 5.38% | 21.58% | 22.78% | 22.50% | 22.59% | 18.63% |
December 31, 2023 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,565,000K ÷ $10,372,000K
= 15.09%
The pretax margin for Las Vegas Sands Corp has shown variability in recent quarters. In Q4 2023, the pretax margin improved significantly to 17.11%, indicating the company's ability to generate higher pre-tax profits compared to its revenues. This improvement follows a positive trend from the previous quarter, Q3 2023, where the pretax margin stood at 10.45%.
However, looking back at the earlier quarters, the company faced challenges with minimal or negative pretax margins. In Q2 2023, the pretax margin was just 0.07%, indicating a very slim profitability before taxes. The situation worsened in Q1 2023 with a negative pretax margin of -13.54%, suggesting that the company was incurring losses before tax expenses.
Comparing the current performance to the same quarter in the previous year, Q4 2022, shows a substantial turnaround as the pretax margin was at a significantly lower -33.75%. The company has made progress in improving its profitability since then.
The pretax margin analysis reveals fluctuations in Las Vegas Sands Corp's ability to generate profits before tax expenses, with recent quarters indicating signs of improvement but still remaining volatile. Further assessment of the company's operating efficiency and cost management strategies may provide additional insights into the drivers behind these fluctuations.
Peer comparison
Dec 31, 2023