Hilton Grand Vacations reports strong Q3
Timeshare giant Hilton Grand Vacations, an RCI affiliate, has reported encouraging growth figures and record owner engagement in its third-quarter results for 2019.
Highlights of the results include:
- Total revenues for the third quarter were $466 million compared to $427 million for the same period in 2018.
– Total revenues were affected by a deferral of $15 million in the current period and a deferral of $45 million in the same period in 2018. - Net income for the third quarter was $50 million compared to $41 million for the same period in 2018.
– Net income was affected by a net deferral of $8 million in the current period and a net deferral of $25 million in the same period in 2018. - Diluted EPS for the third quarter was $0.59 compared to $0.42 for the same period in 2018.
– Diluted EPS was affected by a net deferral of $8 million or $0.09 per share in the current period and a net deferral of $25 million or $0.26 per share in the same period in 2018. - Adjusted EBITDA third quarter was $111 million compared to $80 million for the same period in 2018.
– Adjusted EBITDA was affected by a net deferral of $8 million in the current period and a net deferral of $25 million in the same period in 2018. - Tours were up 8.5% compared to the same period in 2018.
- Contract sales in the third quarter were $360 million, a decrease of 1.1% from the same period in 2018.
- Net Owner Growth (NOG) for the 12 months ended Sept. 30, 2019, was 5.6%.
Mark Wang, president and CEO of Hilton Grand Vacations, said: “We saw strong Adjusted EBITDA growth and healthy NOG this quarter, driven by record owner engagement.
“We are starting to realise the benefits of the operational and cost improvements that we announced last quarter.
“Overall, I am encouraged by our progress and believe we are well positioned for growth as we exit this year and prepare for the launch of our highly anticipated new inventory beginning in 2020.”