Viad posts surprise loss on higher-than-expected revenue, authorizes buyback
Viad Corp (NYSE:VVI) posted an unexpected loss on higher-than-expected revenue and authorized a share buyback Thursday.
For the three months ended December 31, the live-events and travel company posted a net loss attributable to common shareholders of $0.12 on revenue of $296.9 million. The average forecast of economists was for earnings per share of $0.01 on expected revenue of $287.4 million.
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The Phoenix-based company said in a statement after the close of trading that its board authorized the purchase of 500,000 shares, adding that both its GES live-events and Pursuit travel businesses continued to make progress toward the goal of accelerating growth and profitability.
“I am encouraged by the actions we are taking to capitalize on key opportunities and position our business for future success,” CEO Steve Moster said.
Shares of Viad edged up 0.4% to $54.20 at Thursday’s close.
Contact Dennis Fitzgerald at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/214213/viad-posts-surprise-loss-on-higher-than-expected-revenue-authorizes-buyback-214213.html
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