Phoenix — Viad Corp recently announced a stronger than anticipated second quarter, with net income of $27.9 million, or $1.37 per share. According to a company report, the increase was primarily driven by revenue growth of 12.3%.
Viad (NYSE: VVI) generates revenue and shareholder value through two distinct business groups: the Marketing & Events Group (GES) and the Travel & Recreation Group (T&R). GES is a global, full-service live events company offering a comprehensive range of services to the world’s leading brands and event organizers. T&R is a collection of iconic destination travel experiences.
GES revenue ($320.1 million) saw a 12.2% year-over-year bump, totaling $34.7 million, and an organic increase (which doesn’t include the impact of acquisitions and exchange rate variances) of 9%, or $25.3 million. Pursuit’s revenue increased 10.3%, from $40.5 million in Q2 of 2016 to $44.7 million in 2017, and its organic revenue rose 7.3% — from $40.5 million to $43.4 million.
“Viad delivered another quarter of strong results that exceeded our prior guidance as positive business momentum at both GES and Pursuit carried into the second quarter,” said Steve Moster, President and CEO, now in his third year at the helm. “We are realizing the benefits of our strategic growth initiatives and favorable industry trends. Our teams executed well during the quarter and did an excellent job converting the increased revenue into profitable growth.”
Reach Steve Moster at (702) 515-5500 or email@example.com