Hilton Grand Vacations reports third-quarter 2018 results, Net Owner Growth accelerates to 7.4 percent
ORLANDO, Fla. (Oct. 31, 2018) – Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) today reports its third-quarter results. Highlights include:
- Diluted EPS was $0.42 and net income was $41 million for the third quarter.
- Adjusted EBITDA was $80 million for the third quarter.
- Total revenues were $427 million for the third quarter.
- Contract sales for the third quarter increased 11.7 percent from the same period in 2017.
- Net Owner Growth (NOG) for the 12 months ending Sept. 30, 2018, was 7.4 percent.
- Acquired a site in the Waikiki area of Honolulu, Hawaii, to develop 191-unit timeshare resort, which is the Company’s sixth resort in the Oahu market.
- Acquired timeshare inventory at the Crane Resort in Barbados, the Company’s first resort offering in the Caribbean.
- Completed $350 million timeshare securitization transaction at overall weighted average interest rate of 3.6 percent.
- Completed construction of Phase I of Ocean Tower in early October 2018.
- The Company will host an investor day in New York City on Dec. 4, 2018.
- Under ASC 606, deferrals related to Ocean Tower decreased third-quarter reported revenues and operating expenses compared to the previous accounting guidance. Under the previous accounting guidance, third quarter revenue, net income and adjusted EBITDA increased 13.4 percent, 44.2 percent and 13.8 percent respectively from the same period in 2017.