Viad Corp. (VVI) Misses Q3 EPS by 13c, Revenues Beat

Viad Corp. (NYSE: VVI) reported Q3 EPS of $1.56, $0.13 worse than the analyst estimate of $1.69. Revenue for the quarter came in at $362.5 million versus the consensus estimate of $357.3 million.

Revenue of $362.5 million increased 1.2% ($4.3 million) year-over-year, and decreased 1.6% ($5.8 million) on an organic basis (which excludes the impact of acquisitions and exchange rate variances).

• The organic revenue decline primarily reflects negative show rotation of $38 million, partially offset by continued growth at both Pursuit and GES.
• The acquisitions of Mountain Park Lodges and the Belton Chalet contributed revenue of $13.1 million.
• Exchange rate variances had an unfavorable impact on revenue of $2.9 million.

The expected declines in adjusted segment operating income and adjusted segment EBITDA were primarily driven by higher performance-based incentives versus the 2018 third quarter.
Income before other items decreased compared to the prior year quarter primarily due to an increase in income attributable to noncontrolling interests, lower adjusted segment operating income, and higher interest expense. The GAAP-basis net income attributable to Viad also included higher restructuring charges related to GES simplification actions.

Steve Moster, president and chief executive officer, commented, “Our third quarter results reflect solid performance at both GES and Pursuit. We continue to deliver on key strategic goals that are driving profitable growth and strengthening our value proposition for our clients and guests. GES continues to drive strong growth in revenue from corporate clients and Pursuit continues to deliver strong returns from our investments to scale and enhance our guest experiences.”

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

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