Driven by demand for timeshares, Travel + Leisure (NYSE:TNL) reported mixed results for Q4 which included total profit for the company that exceeded Street expectations.
“Our core vacation ownership business performed at or better than our expectations on every key measure, effectively leveraging continued leisure travel demand,” CEO Michael Brown said.
Revenue in the vacation ownership segment increased by 5% to $776M, nearly offsetting a 3% decline in revenue for travel and memberships.
This effectively lifted the company’s profit to $1.98 per share, an increase from $1.30 in the same quarter last year and 61 cents above Street expectations.
Total revenue increased 4% year-over-year but missed Street estimates by $9M. Adjusted EBITDA for Q4 increased to $240M.
On the balance sheet, cash and cash equivalents totaled $282M and totaled $1.3B in liquidity in cash and cash equivalents and revolving credit facility availability.
Looking ahead to full year results, the company expects adjusted EBITDA to increase to $910M to $930M compared to 2023 adjusted EBITDA of $908M.
For Q1, adjusted EBITDA is expected to be between $185M to $190M compared to Q4 EBITDA of $240M.
Shares were 1.5% higher ahead of Wednesday’s open.