Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) today reports its third-quarter 2019 results. Highlights include:
“We saw strong Adjusted EBITDA growth and healthy NOG this quarter, driven by record owner engagement,” said Mark Wang, president and CEO of Hilton Grand Vacations. “We are starting to realize 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.”
For the quarter ended Sept. 30, 2019, diluted EPS was $0.59 compared to $0.42 for the quarter ended Sept. 30, 2018. Net income and Adjusted EBITDA were $50 million and $111 million respectively, for the quarter ended Sept. 30, 2019, compared to $41 million and $80 million, respectively, for the quarter ended Sept. 30, 2018. Total revenues for the quarter ended Sept. 30, 2019, were $466 million compared to $427 million for the quarter ended Sept. 30, 2018.
Net income and Adjusted EBITDA for the quarter ended Sept. 30, 2019, include a net deferral of $8 million relating to sales made at The Central at 5th by Hilton Club project, which was under construction during the period. The company anticipates recognizing these revenues and related expenses in the second quarter of 2020 when it expects to complete this project.
Net income and Adjusted EBITDA for the quarter ended Sept. 30, 2018, include a net deferral of $25 million relating to sales made at the Ocean Tower by Hilton Grand Vacations Club project, which was still under construction during the period. The revenues net of related expenses for the Ocean Tower project were subsequently recognized in the fourth quarter of 2018.
[1] The company’s current year results, prior year results and outlook include impacts related to deferrals of revenues and direct expenses related to the Sales of VOIs under construction that are recognized when construction is complete. These impacts are reflected in the sub-bullets.
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