Nucor earnings beat by $0.08, revenue fell short of estimates
SCOTTSDALE, AZ - Viad Corp (NYSE:VVI), a business services provider, announced the appointment of Jill Bright to its Board of Directors on Monday. The appointment, effective immediately, was made pursuant to the terms of the Stockholders Agreement with Crestview Partners IV GP, L.P. and affiliated entities, who hold the company's 5.5% Series A Convertible Preferred Stock.
Bright, who will serve as a Preferred Director, is scheduled to remain in this role until the 2025 annual meeting of stockholders, unless she steps down or is removed sooner. Her compensation aligns with Viad's director compensation policy, detailed in the company's April 2, 2024 proxy statement filed with the SEC. She will receive a pro-rated annual retainer and fees, as well as the standard equity grant given to Viad directors for 2024.
According to the company's filing, there are no reported related transactions or relationships between Bright and Viad Corp that would necessitate disclosure under Item 404(a) of Regulation S-K.
This information is based on a press release statement filed with the Securities and Exchange Commission on Friday.
In other recent news, Viad Corp's Q2 2024 earnings results exceeded forecasts despite significant challenges posed by wildfires in Jasper National Park.
The company's Global Experience Specialists (GES) and Pursuit divisions demonstrated robust performance, contributing to the strong earnings. GES's revenue growth and margin improvement led to adjusted EBITDA surpassing guidance, while Pursuit's adjusted EBITDA was near the top end of guidance, driven by high demand for their attractions and lodges.
Despite the wildfires affecting 30% of the townsite and impacting operations, Pursuit's hotels and experiences in Jasper remained intact. The company remains optimistic about the recovery and reopening of attractions, maintaining a positive outlook for the rest of the year.
In light of these developments, Pursuit revised its full-year guidance for adjusted EBITDA due to wildfire-related uncertainty. Viad Corp is focused on scaling Pursuit through organic and inorganic investments, with $20 million allocated for build and refresh projects in 2024.
Additionally, the company anticipates continued strong corporate spending on brand activations, corporate events, and exhibit programs.
InvestingPro Insights
As Viad Corp (NYSE:VVI) welcomes Jill Bright to its Board of Directors, investors may also be interested in the company's financial outlook and market performance. According to InvestingPro data, Viad Corp currently boasts a market capitalization of $688.27 million, and its stock has experienced a 1-month price total return of -16.16%, reflecting some recent volatility in its share price.
From a valuation perspective, the company is trading at a P/E ratio of 33.7, which is considered high relative to its near-term earnings growth. Despite this, analysts are optimistic about the company's profitability, forecasting net income growth for the year. However, it's worth noting that Viad Corp does not pay a dividend to shareholders, which may be a consideration for income-focused investors.
For those seeking a deeper dive into Viad Corp's performance and potential investment strategies, there are additional InvestingPro Tips available. These include insights on the company's earnings revisions, trading multiples, and profit margins. To explore these further, investors can visit https://www.investing.com/pro/VVI, where they will find a total of 11 InvestingPro Tips to help inform their investment decisions.
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