Hilton Grand Vacations reports Q1 2018 results

Hilton Grand Vacations has reported its first-quarter results for 2018, with a “solid first-quarter operating performance” according to its CEO.

For the three months ended 31 March 2018, diluted EPS was $0.30 compared to $0.51 for the three months ended 31 March 2017. Net income was $30 million for the first quarter of 2018, compared to $50 million for the same period last year, and adjusted EBITDA was $62 million compared to $94 million for the same period in 2017.

Adoption of ASC 606 reduced net income for the three months ended 31 March 2018, by $24 million, or EPS of $0.24 per diluted share, compared to the previous accounting guidance. The comparable impact on adjusted EBITDA for the three months ended 31 March 2018, was $33 million.

Total revenues for the three months ended 31 March 2018, were $367 million, compared to $399 million for the three months ended 31 March 2017. Adoption of ASC 606 reduced first-quarter reported revenues by $63 million.

Mark Wang, president and CEO of Hilton Grand Vacations, said: “2018 is off to a strong start as we saw solid first-quarter operating performance across all of our businesses, including mid-teens growth in both contract sales and resort and club segment adjusted EBITDA.

“Given this momentum and our outlook for the balance of the year, we are raising our full-year contract sales and adjusted EBITDA guidance. We just announced our new project in Charleston and feel great about our development momentum and the record number of projects we expect to launch this year.”