Viad Stock Price, News & Analysis

The Columbia Icefield in Jasper National Park will reopen to visitors on Friday, August 9, following Parks Canada's announcement to lift precautionary road restrictions along the Icefield Parkway (Highway 93). This reopening allows access to the Columbia Icefield and nearby attractions via the southern end of the iconic roadway connecting Jasper and Banff national parks.

Visitors can experience the Columbia Icefield Adventure, stand on ancient ice, and enjoy panoramic views from the Columbia Icefield Skywalk. The Columbia Icefield Glacier Discovery Centre, housing Pursuit and Parks Canada experiences, will also reopen, including two signature restaurants and the Glacier View Lodge.

This reopening is part of a phased re-entry for Jasper National Park, with Parks Canada aiming to restore visitor services by September 3. Pursuit's COO, Stuart Back, expressed gratitude to firefighters, first responders, and Parks Canada for ensuring safety during the wildfires.

Viad Corp (NYSE: VVI) reported strong Q2 2024 results, exceeding prior guidance. Revenue increased 18.2% to $378.5 million, with Pursuit revenue up 14.4% and GES revenue up 19.6%. Net income attributable to Viad rose to $29.3 million, or $0.97 per diluted share. Adjusted EBITDA grew 50.1% to $64.3 million

However, recent wildfires in Jasper National Park have impacted Pursuit's operations, leading to uncertainty in the full-year outlook. GES's full-year Adjusted EBITDA guidance was raised by $5 million. The company expects Q3 2024 revenue between $418-$463 million and Adjusted EBITDA of $87-$105 million. Full-year revenue is projected to increase by high single digits.

Viad Corp (NYSE: VVI), a global provider of extraordinary experiences, will host a teleconference to discuss its Q2 2024 financial results. The call, led by CEO Steve Moster and CFO Ellen Ingersoll, is scheduled for August 6, 2024, at 5 p.m. Eastern Time. Pursuit President David Barry will also join the discussion. The press release and earnings presentation will be available on Viad's website ahead of the call. The conference can be accessed via phone or a live audio webcast, with replays available afterward.

Viad Corp (NYSE: VVI) announced the acquisition of Jasper SkyTram, a prominent attraction in Jasper National Park. The transaction, pending approval by Parks Canada, is expected to close in July, amounting to $25 million CAD (~$18 million USD). Jasper SkyTram, operating for 60 years, serves over 130,000 visitors annually and offers panoramic views from Whistlers Mountain at 2,263 meters (8,081 feet). Viad expects the acquisition to add $4 million in revenue in 2024 with an adjusted EBITDA margin that enhances Pursuit's overall margin. This deal includes a renewable long-term lease with nearly 30 years remaining, contributing to economies of scale and strong demand.

Viad Corp (NYSE: VVI) has announced the promotion of Derek P. Linde to President of GES, effective June 3, 2024. Linde, currently the Chief Operating Officer at Viad, has been pivotal in advancing strategic goals and driving revenue growth, profitability, and cash flow. He has played a key role in launching the Spiro experiential marketing agency and implementing margin initiatives within GES Exhibitions. Linde, who joined Viad in 2018, has a background in legal leadership roles at Illinois Tool Works and Winston & Strawn LLP. His new role aims to capitalize on GES's global reach and growth opportunities.

Viad Corp reported solid first-quarter results for 2024, with Pursuit delivering 14% revenue growth and a successful launch of the FlyOver Chicago attraction. GES saw margin expansion with healthy revenue growth. The company maintains a positive outlook for strong full-year growth based on continued positive trends in both businesses.

Revenue for the first quarter increased by 4.9% to $273.5 million, with Pursuit revenue growing by 14% and GES revenue by 3.6%. Adjusted EBITDA improved by 27.1% to $4.3 million. The company expects consolidated adjusted EBITDA growth of approximately 16% to 30% in 2024, with strong free cash flow.

Despite a net loss increase of $4.2 million primarily due to higher non-operational items and income tax expense, adjusted net loss improved by $0.3 million. Viad's cash flow from operations was an outflow of $7.5 million, with total liquidity of $137.2 million and a debt of $488.4 million. The company's 2024 outlook shows positive projections for revenue, adjusted EBITDA, cash flow from operations, and capital expenditures.