NEW YORK - Hilton Grand Vacations Inc . (NYSE:HGV) shares plunged 9.8% in premarket trading Thursday after the vacation ownership company reported third quarter earnings that fell short of analyst expectations.
The Orlando-based company posted adjusted earnings per share of $0.67, missing the consensus estimate of $0.76. Revenue came in at $1.31 billion, slightly above the $1.29 billion analysts were expecting.
Total (EPA:TTEF) contract sales rose to $777 million in Q3, up from $603 million in the same period last year. However, the company's net income attributable to stockholders declined to $29 million, compared to $92 million in Q3 2023.
"We're pleased with our third quarter results, which were in line with our expectations," said Mark Wang, CEO of Hilton Grand Vacations. "I'm encouraged by the early positive signs we've seen in our operating metrics following the strategic regionalization and staffing changes we announced last quarter."
The company maintained its full-year 2024 guidance for adjusted EBITDA, excluding deferrals and recognitions, of $1.075 billion to $1.135 billion.
Hilton Grand Vacations ended the quarter with 722,000 members, representing net owner growth of 1.2% for the legacy HGV-DRI business over the past 12 months.
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