Hilton Grand Vacations posts strong Q3 results
Hilton Grand Vacations Inc. (HGV) has reported strong contract sales and Net Owner Growth in its third-quarter and nine months 2017 results.
The company, which has a number of resorts affiliated to RCI, reported earnings per share (EPS) of $0.43 for the three months ended 30 September 2017, which compares favourably to the $0.35 for the three months ended 30 September 2016.
Net income was $43 million, compared to $35 million for the same period last year, while adjusted EBITDA was $94 million compared to $93 million for the same period in 2016.
Mark Wang, president and CEO of Hilton Grand Vacations, said: “HGV posted another strong quarter of contract sales and Net Owner Growth (NOG).
“Our teams continue to deliver outstanding operating results, execute against our strategic priorities and build solid momentum as we head into the one-year anniversary of our public listing.
“Looking ahead to 2018, we will continue to identify new projects and locations that help enhance member experiences and deliver value to our owners, team members and shareholders.”
Highlights from the Q3 results:
- EPS was $0.43 for the third quarter, a 22.9 per cent increase from the same period in 2016.
- Net income for the third quarter was $43million, a 22.9 per cent increase from the same period in 2016.
- Adjusted EBITDA for the third quarter was $94 million, a 1.1 per cent increase from the same period in 2016.
- Contract sales for the third quarter increased 6.5 per cent from the same period in 2016.
- Net Owner Growth (NOG) for the 12 months ending 30 September 2017, was 7.1 per cent.
- Subsequent to the third quarter, the company acquired the remaining inventory and other assets of Sunrise Lodge, a Hilton Grand Vacations Club, located in Park City, Utah.
- Pursuant to the company’s effective shelf registration, HGV announced the pricing of 5.1 million secondary common shares, at a price per share of $35.91, by certain selling stockholders affiliated with The Blackstone Group L.P.