ORLANDO, Fla. (May 2, 2018) – Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) today reports its first-quarter results. Highlights include:
- First-quarter results reflect the adoption of ASC 606 and may not be directly comparable to prior periods.
- Adoption of ASC 606 reduced first-quarter reported revenues and operating expenses by $63 million and $30 million, respectively.
- Diluted EPS was $0.30 and net income was $30 million for the first quarter.
- Adjusted EBITDA was $62 million for the first quarter.
- Contract sales for the first quarter increased 14.6 percent from the same period in 2017.
- Net Owner Growth (NOG) for the 12 months ending March 31, 2018, was 7.1 percent.
- HNA HLT Holdco I LLC, an affiliate of HNA Tourism Group Co., Ltd., completed the sale of its entire 24.75 million holdings of HGV shares, including 2.5 million shares that were repurchased by the Company.
- HGV formed a joint venture with Strand Capital Group, LLC, to develop its first resort in Charleston, South Carolina.