Viad Corp. (VVI) Tops Q2 EPS by 9c

Viad Corp. (NYSE: VVI) reported Q2 EPS of $1.20, $0.09 better than the analyst estimate of $1.11. Revenue for the quarter came in at $358.2 million versus the consensus estimate of $364.21 million.

Steve Moster, president and chief executive officer, commented, “We delivered solid second quarter results with continued same-show growth at GES and same-store growth at Pursuit. Our team executed well during the quarter and remains focused on our strategy to bolster GES’ competitive position and to scale our high margin Pursuit business. I remain confident in our ability to continue driving shareholder value through disciplined capital allocation and execution against our strategic goals.”

2018 Full Year Guidance

Our full year outlook remains largely unchanged with the exception of revised expectations for exchange rates and tax rates.

Moster said, “Overall, our businesses are performing well and I remain encouraged by the opportunities that lie ahead of us. We expect GES to benefit from positive show rotation and continued same-show growth during the second half of 2018. Pursuit is just entering its peak season and we’re expecting another year of strong visitation and organic growth. Additionally, we successfully re-opened our Mount Royal Hotel and are seeing great demand and guest feedback on the upgrades we made to that property. However, with the devaluing of the Canadian Dollar versus the U.S. Dollar over recent months, we believe it is prudent to lower our guidance for Pursuit to reflect unfavorable currency translation. Additionally, we have updated our tax rate guidance to reflect a more favorable view regarding the impact of Tax Reform.”

• We expect consolidated revenue to increase at a low single-digit rate from 2017 full year revenue, driven primarily by continued growth in the underlying business, partially offset by negative show rotation of about $40 million at GES.
• We expect consolidated adjusted segment EBITDA to be in the range of $154.5 million to $158.5 million, as compared to $154.2 million* in 2017. This guidance range reflects a reduction from our prior guidance of $156.5 million to $160.5 million due to revised exchange rate assumptions and the expected impact on the translation of Pursuit’s Canadian results.

For earnings history and earnings-related data on Viad Corp. (VVI) click here.

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