Viad Corp ( (VVI) ) has released its Q3 earnings. Here is a breakdown of the information Viad Corp presented to its investors.
Viad Corp (NYSE: VVI) is a leading global provider of extraordinary experiences, specializing in attractions, hospitality, exhibition services, and experiential marketing, with operations primarily through its subsidiaries Pursuit and GES.
For the third quarter of 2024, Viad Corp reported strong financial results with a significant increase in consolidated revenue, driven by the performance of its GES division. The company also announced the completion of a strategic acquisition within Glacier National Park and is progressing with the sale of its GES business, expected to close by the end of the year.
The company’s revenue for the quarter increased by 24.5% to $455.7 million, with GES contributing a 52.8% rise in revenue due to successful execution at non-annual shows. Meanwhile, Pursuit experienced a slight decline in revenue due to temporary closures from a wildfire in Jasper but saw a 13% increase in revenue excluding the Jasper properties. Viad’s net income rose 17.8% to $48.6 million, and adjusted EBITDA increased by 19.6% to $103.1 million, reflecting robust performance across both subsidiaries.
Viad’s recent acquisition of Eddie’s Café & Mercantile in Glacier National Park is expected to enhance its hospitality offerings, aligning with its strategy to expand its portfolio of high-end accommodations. The anticipated sale of GES is set to provide Viad with financial flexibility to focus on Pursuit’s growth strategy in the hospitality and attractions sectors.
Looking ahead, Viad Corp is optimistic about continuing its growth trajectory, with an expected increase in adjusted EBITDA for GES and Pursuit. The company remains focused on leveraging its financial position and strategic initiatives to drive further success and shareholder value.
