Viad Corp (NYSE: VVI) saw its stock price surge by 7.70% on November 8th, 2024, following the release of its impressive third-quarter results and strategic updates. The company's solid financial performance and strategic moves to unlock shareholder value drove investor optimism, fueling the stock's rally.
In the third quarter, Viad reported a 25% year-over-year increase in revenue to $455.7 million, underpinned by strong performances from both its Pursuit and GES business segments. Pursuit, the company's high-growth, high-margin hospitality and leisure experience business, delivered adjusted EBITDA near the high end of guidance, while GES, the event marketing and services business, exceeded revenue growth expectations.
Viad's profitability metrics also showed significant improvements. Consolidated adjusted EBITDA rose by $16.9 million, and adjusted net income improved by $15.5 million compared to the same period last year. The company generated robust cash flow from operations of $110 million and used a portion of it to repay $94 million of debt, ending the quarter with nearly $230 million in liquidity and no borrowings on its revolver.
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