Viad Corp. (VVI) Tops Q1 EPS by 28c, Revenues Beat; Provides FY19 Business Segment Outlook

Viad Corp. (NYSE: VVI) reported Q1 EPS of ($0.51), $0.28 better than the analyst estimate of ($0.79). Revenue for the quarter came in at $290.1 million versus the consensus estimate of $272.6 million.

Steve Moster, president and chief executive officer, commented, “We delivered better than expected revenue growth and adjusted segment EBITDA during the first quarter. GES continues to drive growth on a same-show basis as well as from new corporate wins. At Pursuit, we continue to realize the benefits of our revenue management efforts and refresh initiatives, and the team is preparing for a strong peak season with many new expansion projects opening in the coming months.”

GES Results

Moster said, “GES realized stronger than anticipated revenue growth during the first quarter, with U.S. base same-show growth of 4 percent and continued progress from our efforts to increase our share of live event spend from corporate brands. As we continue our journey to position GES as the preferred, global full-service provider for live events, with a focus on driving growth in higher margin areas, we also remain focused on generating operating efficiencies across the business. To help ensure we are aligned optimally against our best opportunities, we recently organized the global business under two geographical leaders, one for North America and one for EMEA, who are focused on three strategic themes - Simplify, Grow, and Transform. Accordingly, we are now reporting on the results of each of those geographical segments.”

2019 Full Year Guidance

Moster said, “We are encouraged by our solid start to 2019 and our forecast for the full year remains largely unchanged. At GES, we are focused on driving continued same-show growth, new business wins, and efficiency gains as we work to improve the margin profile of the business. At Pursuit, we expect another year of profitable growth and we have many expansion projects underway that we expect will deliver strong returns, revenue and margins. We remain committed to our growth strategies for GES and Pursuit, and to delivering enhanced shareholder value.”

• We expect consolidated revenue to increase at a mid-single digit rate from 2018 full year revenue, driven by growth at both GES and Pursuit.
• We expect consolidated adjusted segment EBITDA to be in the range of $152.5 million to $158.5 million, as compared to $146.3 million* in 2018.

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

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