Viad Corp Q3 Profit Soars

(RTTNews) - Phoenix, Arizona-based Viad Corp. (VVI) Friday reported a rise in its third-quarter profit, helped by higher revenues from its marketing and events business.

Net profit surged to $29.62 million or $1.48 per share, from $11.86 million or $0.58 per share last year.

Excluding certain items, the company earned a profit of $20.82 million or $1.04 per share. On average, three analysts polled by Thomson-Reuters estimated earnings to be $0.98. Analysts' estimates' typically exclude one-time items.

The company recorded an adjusted EBITDA of $35.86 million, while it was $22.31 million a year earlier.

Net revenues grew to $299.8 million from $220.17 million in the previous year. Analysts projected revenues to be $293.19 million.

Looking ahead, for the fourth quarter Viad expects a loss of $0.20 to $0.30 per share, on revenues of $215 million to $230 million.

For the full year, the company sees low double digit growth rate in revenues from marketing & events and travel & recreation.

Analysts expect third-quarter loss to be $0.04, on revenues of $202.56 million, and see annual revenues of $1.04 billion.