By In the fourth quarter, Hilton Grand Vacations experienced a boost in revenue driven by its growing member base. The timeshare company reported a profit of $68 million, or 62 cents per share, slightly down from the previous year’s $78 million, or 67 cents per share.
Financial Performance
After excluding acquisition-related costs and other one-time items, adjusted earnings stood at $1.01 per share, surpassing analysts’ expectations of 95 cents a share. Revenue also saw a nearly 3% increase to $1.02 billion, meeting analysts’ forecasts.
Factors Affecting Sales
Contrary to the revenue increase, contract sales took a hit with a nearly 10% decline to $572 million. This decrease was attributed to a $40 million impact from last year’s Maui wildfires and a temporary sales system outage early in the quarter.
Growth in Resort Operations
On a positive note, revenue from resort operations and club management rose by 6% to $347 million, mainly due to the growth in members.
Acquisition of Bluegreen Vacations
Additionally, Hilton Grand Vacations successfully completed the acquisition of rival Bluegreen Vacations for $1.6 billion in the previous month.
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