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Investing.com -- Travel + Leisure Co. (NYSE:TNL) reported second quarter earnings that narrowly missed analyst expectations on Wednesday, despite posting revenue that exceeded forecasts and showing solid growth in its vacation ownership business.
The leisure travel company reported adjusted earnings per share of $1.65, falling short of analyst estimates of $1.66.
Revenue came in at $1.02 billion, slightly above the consensus estimate of $1.01 billion and representing growth from the same period last year.
The company’s shares dipped 0.62% following the earnings release.
Vacation Ownership, the company’s largest segment, saw revenue increase 6% year-over-year to $853 million, driven by a 7% increase in volume per guest (VPG) to $3,251 and a 3% increase in tours.
However, the Travel and Membership segment experienced a 6% revenue decline to $166 million due to lower exchange transactions.
"Thanks to the exceptional work of the entire Travel + Leisure Co. team, we delivered another strong quarter. We saw healthy year-over-year growth in VOI sales, with gains in both tour flow and volume per guest," said Michael D. Brown, President and CEO of Travel + Leisure Co.
Looking ahead, Travel + Leisure expects third quarter adjusted EBITDA between $250 million and $260 million.
The company reaffirmed its full-year adjusted EBITDA guidance of $955 million to $985 million while raising its VPG outlook to $3,200-$3,250 from the previous range of $3,050-$3,150.
During the quarter, the company returned $107 million to shareholders through $37 million in dividends and $70 million in share repurchases. As of June 30, the company had $303 million remaining in its share repurchase authorization.
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