Travel+Leisure Co (NYSE:TNL) announced its third-quarter financial results on Wednesday, revealing a net income of $110 million and earnings per share at $1.49. The company's adjusted diluted earnings per share were reported at $1.54, with net revenue standing at $986 million. The adjusted EBITDA was $248 million.
The company's Vacation Ownership business demonstrated significant growth, expanding by 8%. Net VOI sales reached $433 million, while gross VOI sales hit the $598 million mark. In a move to boost shareholder value, Travel+Leisure Co repurchased common stock worth $267 million, including $65 million in the third quarter.
Despite these positive figures, Travel and Membership revenue saw a decrease of 5% to $174 million due to fewer transactions. The company's leverage ratio stood at 3.7x with corporate debt at $3.7 billion, non-recourse debt of $1.9 billion, and cash equivalents of $238 million.
Looking forward to the full year, Travel+Leisure Co expects its adjusted EBITDA to be between $900 million and $915 million. Following the acquisition of Sports Hospitality Ventures' vacation ownership business, the company has plans to launch sports-themed destinations under the Sports Illustrated Resorts brand.
The company forecasts full-year gross VOI sales between $2.15 billion and $2.2 billion with VPG approximately at $3,100 - $3,150. For the fourth quarter of 2023, Travel+Leisure Co expects gross VOI sales of between $541 million - $591 million and VPG of approximately $3,000 - $3,150. The projected adjusted EBITDA for Q4 2023 is between $233 million and $248 million. The company's liquidity stood at $785 million.
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