Wyndham Destinations reports results for Q1 2019
Wyndham Destinations, the world’s largest vacation ownership and exchange company, has reported first quarter 2019 financial results for the period ended 31 March 2019.
- Income from continuing operations increased 98% to $81 million and diluted earnings per share (EPS) from continuing operations increased 107% to $0.85
- Net revenue of $918 million and gross VOI sales of $484 million increased 1% and 4%, respectively
- Adjusted EBITDA increased 4%1 to $205 million and adjusted diluted EPS from continuing operations increased 23%1 to $1.03
- Delivered net cash provided by operating activities from continuing operations of $152 million and further adjusted free cash flow of $249 million
- Repurchased 1.9 million shares of common stock for $80 million in the first four months of 2019
- Increased 2019 adjusted diluted EPS from continuing operations guidance to a range of $5.21 to $5.42 and reaffirmed adjusted EBITDA guidance range of $995 million to $1,015 million
Michael D. Brown, president and chief executive officer of Wyndham Destinations, said: “Our team delivered solid results in the first quarter. Strong volume per guest combined with cost efficiencies led to a 60 basis point margin improvement year-over-year and adjusted EBITDA growth of 4%.
“We have increased our EPS outlook and are on track to deliver against our strategic goals and key performance indicators in 2019. We continue to generate strong free cash flows and year-to-date we have returned $122 million of capital to shareholders in the form of dividends and share repurchases.”
During the first quarter of 2019, reported revenue was $918 million, compared to $907 million during the same period in 2018. Income from continuing operations was $81 million, compared to $41 million during the same period in 2018, and EPS from continuing operations per diluted share was $0.85 in the first quarter of 2019, compared to $0.41 in the same period in 2018.
Total first quarter 2019 adjusted net income from continuing operations increased 15%1 to $98 million. Adjusted EBITDA increased 4%1 to $205 million and adjusted diluted EPS from continuing operations increased 23%1 to $1.03.