Shares of Viad saw a notable increase after the company released its third-quarter financial results. Viad, known for its unique travel businesses such as a geothermal lagoon in Iceland and a resort in Alberta, Canada, witnessed a 9% surge in stock price, reaching $27.70 during morning trading. This year alone, Viad’s shares have climbed by an impressive 14%.
Despite a 4% decrease from last year, Viad reported third-quarter revenue of $365.9 million, surpassing analysts’ estimates of $354.1 million. The company’s adjusted earnings also exceeded expectations, with $1.49 per share compared to the projected $1.43 per share.
The core unit of Viad, called Pursuit, experienced a 14% growth in quarterly sales, amounting to $186.9 million. However, the Spiro experiential-marketing agency witnessed a decline of nearly 20% in sales, with $58.9 million. Another division of Viad, GES Exhibitions, reported a revenue of $122.1 million, down by 17%.
In light of its positive performance, Viad revised its full-year sales outlook and now anticipates a high-single digit percentage increase in revenue. The company specifically mentioned the strength of its GES Exhibitions business as a contributing factor to this optimistic forecast.