Hilton Grand Vacations (NYSE: HGV) reported Q1 EPS of $0.09, $0.39 worse than the analyst estimate of $0.48. Revenue for the quarter came in at $351 million versus the consensus estimate of $388.17 million.

“The COVID-19 pandemic has had unprecedented impacts on our business, and we continue to take decisive action to navigate the current environment and mitigate the challenges it presents,” said Mark Wang, president and CEO of Hilton Grand Vacations. “We have a strong balance sheet, and we have made critical decisions to defend our cash flow and enhance our financial flexibility, including adjustments to our cost structure and spending plans. I remain confident in the resilience of our business model and look forward to welcoming back our owners and guests as the pandemic subsides.”

GUIDANCE:

As disclosed in our press release dated March 16, 2020, the Company has withdrawn its prior Full Year 2020 Guidance due to the increased uncertainty created by the impact of COVID-19.

The Company continues to be impacted by the pandemic and the various government mandates in nearly all of the locations in which it operates. It is unknown how long these adverse conditions and restrictions will continue. To optimize HGV’s liquidity and access to capital in light of the adverse impact of the pandemic, particularly as substantially most of the Company’s properties have temporarily suspended operations and substantially all of its sales, operations and other activities have been suspended, the Company has taken significant steps in an effort to decrease its expenses. These efforts include the recently announced furlough of over 6,100 of its team members, and the temporary reductions of all team members’ base salaries and directors’ annual cash retainers, among other actions.

The Company will share additional details during its conference call scheduled for later today.

For earnings history and earnings-related data on Hilton Grand Vacations (HGV) click here.